Certain relationships among hegemony, international openness, capitalism, and state formation are stipulated by Polanyi, Kindleberger, Gilpin, Krasner, and Wallerstein. Here they are put to question through an examination of the rise and fall of the Yoruba state in the 18th and 19th centuries. In contrast to what widely held theories would predict, the Yoruba state was strengthened through greater exposure to international commerce. Second, from the point of view of African traders, the rise of British hegemony meant a decline in freedom to trade. Third, although the remnants of the Yoruba state were on the periphery of the world economy, its traders were able to penetrate international markets, even during periods of international economic crisis, with considerable success. In light of these findings, some suggestions are made for the reformulation of conventional theories;
The BNDES countercyclical role in the international economic crisis
