Dependency theory is experiencing some kind of comeback and has been discussed at length on the Developing Economics blog. However, one criticism that often comes up when researchers work on the phenomenon of dependency is the fact that the separation between the spheres of periphery and centre may be too simple, insofar as the working class is also exploited in the countries of the centre, and the elite also benefits from such a system in the periphery. While some strands of dependency theory may provide important angles for analysis of trade between the Global North and South, such analysis also risks pitting development in the center against underdevelopment in the periphery. It is worth noting, however, that many dependency theorists did not think of the world in such binary terms, but rather centered class analysis in their frameworks.
In our recent work, we approach the problem of dependence slightly differently in an attempt to nuance our analysis. Dependence is linked to the country's international insertion, marked by both political and economic relations of domination with the industrialized countries of the "center", and is reflected in unequal economic specialisations and unfavourable terms of trade. However, 'dependent' countries have followed varied trajectories, which need to be analysed in their context, as dependency is not black and white. Let's zoom in on West Africa. There, dependency is mainly based on rentier-type economic regimes. A rent is defined as obtaining income without contributing to the production of additional goods and services. In a paper dedicated to the situation in Burkina Faso, we have sought to understand a very specific historical case, representing an important rentier economy that was also well integrated into the global economy. We have sought to combine dependency and regulation theories to understand the stability of such a rentier economy. Let's explore the economic history of Burkina Faso.
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