This dissertation consists of three essays that examine structural features of underdevelopment within the context of global capitalism. The first essay unpacks the different strands and concepts within what we call the 'dependency school,' in order to clarify what the internal debates have been, what its intellectual origins are, and on what grounds it has been delegitimized. A dividing line is drawn between the structuralist and neo-Marxist strands of the dependency school, although there is variety within each strand and even some overlap between them. We assess the validity of external critique of the dependency school and what a revised form of dependency theory might look that retains its core strengths, while addressing some of the valid critique that has been directed towards it.;The second essay explores to what extent the classical theory of trade can explain trade imbalances observed in an African context. In 2016, around 90% of African countries had trade deficits of on average 15% of GDP according to the World Development Indicators. We argue that high absolute costs in African countries are the major determinants of the observed trade deficits. Empirically, the paper provides a schematic overview of African countries' trade balances and cost-competitiveness, and employs Mauritius as a case study to estimate the relationship between costs in the exports sector, the real exchange rate, and the trade balance.;The final essay explores the recent borrowing boom in sub-Saharan Africa. The essay finds that the cost of borrowing for African sovereigns is significantly influenced by global volatility, commodity prices, and global liquidity - all factors that are outside the control of these economies.
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