Peace, security and economic development: An empirical analysis on ECOWAS countries

After independence, the imperialism idea of Europeans became dominant and countries like France and Great Britain showed interest in Africa's natural and mineral resources. Their arrival brought about different conflicts, such as colonial impositions, socio-economic disruptions and identity challenges which were the product of the ideas of the European settlers to control and influence the economic development of their colonies. Those conflicts were encouraged by the first colonialists in order to control and influence the economic development of their colonies. Due to the lack of harmony, stability and safety among countries, the concept of peace and security became critical for the economic development of colonized countries. In this study, the relationship between peace and security, which is considered to be a driving force for development, and economic development was examined. In this manner, the effect of peace and security on the economic development of ECOWAS countries for the period 2008-2018 will be revealed by using dynamic panel data analysis. The result of the analysis demonstrates that there is a positive relationship between peace, security and the economic development in ECOWAS countries. Keywords: Security, the Economic Community of West African States (ECOWAS), peace, economic development