The Failure and Feasibility of Capitalism in Africa (International Political Economy Series)

This book argues that capitalism has practically failed to deliver the long-desired economic transformation and inclusive development in postcolonial Africa. The principal factor that accounts for this failure is the prolific non-productive forms of capitalism that tend to be dominant in the African continent and their governance dimensions. The research explores how and why capitalism has failed in the African context and the feasibility of turning it around. The book meets the demands of diverse audiences in the fields of International Political Economy, Development Economics, Political Science, and African Studies. The author adopts an unconventional narrativist approach that makes the book amenable to general readership. Kenneth Omeje is Director of Manifold Crown Consulting Services based in Bradford, UK, and Visiting Professor at the Institute of Peace and Security Studies in Addis Ababa University, Ethiopia Foreword Preface Praise for The Failure and Feasibility of Capitalism in Africa Contents About the Author Abbreviations List of Boxes List of Tables 1 Capitalism and the African Context 1.1 Introduction: The Capitalist Political Economy 1.2 Capitalism in the African Context: A Historical Perspective 1.3 Indigenous Capitalism, Trans-Atlantic Slave Trade, and the First Scramble for Africa 1.4 Frontier Capitalism of Colonial Africa: The Second Scramble for Africa References 2 The Postcolonial State: From Frontier Capitalism to Neocolonial Capitalism 2.1 Political Decolonization and Neocolonial Capitalism 2.2 The Convoluted Legacies of Colonialism and the Economies of the Postcolonial States 2.3 Explanations for the Rise of the Asian Economies and the African Context 2.4 The Counternarrative about Failed Capitalism in Africa References 3 The “French–Africa Connection” and the Refusal to Decolonize 3.1 Contextualising the “Connection” 3.2 Independence Without Monetary Sovereignty 3.3 Vociferous Narratives About the French–Africa Connection References 4 Natural Resources and Rentier Capitalism 4.1 The Hope of Prosperity 4.2 Resource Curse 4.3 Resource Rents and Rentier State 4.4 Rentier Stakes and Stakeholders: A New Conceptual Explanation 4.5 Stakeholder Politics and Accumulation in Rentier Capitalism References 5 Dysfunctional Versions of Capitalism and the Political Economy of “Eating” 5.1 The Institutional and Policy Framework 5.2 The Dysfunctioning Process 5.3 Versions of Dysfunctional Capitalism in Africa 5.3.1 Oligarchic Capitalism 5.3.2 Major Variants of Oligarchic Capitalism in Africa 5.3.3 Crony Capitalism 5.3.4 Hostage Capitalism 5.3.5 Predatory Capitalism 5.4 A Postscript on Dysfunctional Capitalism References 6 Key Governance Dimensions of Dysfunctionality 6.1 The Seriousness and Decisiveness of Governance 6.2 Fetish Celebration of Small Things and the Dramatization of Unseriousness 6.3 Political Violence and Politics of the Unserious References 7 China–Africa Relations: Averting the Risk of Deepening Subaltern Capitalism 7.1 The Subaltern Context 7.2 The International Context and Historical Phases of China’s Engagement with Africa 7.3 Evaluating the Contemporary China-Africa Relations References 8 Productive Forms of Capitalism: Trends and Prospects 8.1 The Philosophical Context 8.2 The Marginalized Productive Forms of Capitalism in Africa 8.2.1 Mixed Economy Capitalism 8.2.2 Embryonic State Capitalism 8.2.3 Subdued Entrepreneurial Capitalism 8.3 The Feasibility of Entrepreneurial Capitalism in Africa 8.4 Further Thoughts on Prospects of Accelerated Capitalist Development in Africa References 9 Postscript on Covid-19 in Africa 9.1 The Covid-19 Pandemic 9.2 Predictions and Economic Impact 9.3 Approach, Intervention and Support References Index