The impact of the Introduction of money economy in traditional African society
Answer Text: The impact of the Introduction of money economy in traditional African society.-Money economy refers to the use of money as a means of exchange in economic activities such as banking, investment, insurance and payment for goods and services.-Before the coming of missionaries and colonialists in the 19th century, the use of money in African communities was limited to Arabs along the East African coast.-Traditional African communities practiced barter trade as the main method of exchange.-Money was introduced in African society by the missionaries, European settlers and the colonial administration. Positive impacts of introduction of money economy.-As the need to use money to purchase goods and services increased, many people left their homes to look for wage employment in towns and farms.-Others got employed as clerks in mission hospitals, schools and government offices.-Cash crops were introduced such as coffee, tea, pyrethrum and cotton.-Some Africans started growing these crops as small-scale farmers.-The development of towns where industries were set up thus making people to move from rural to urban areas in search of employment.
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