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Paper short abstract:

Capitalism opposes Black interests, establishing a class society within African communitarian or socialist structures. Black underdevelopment stems from capitalism. This work explores capitalist tactics perpetuating Africa's ongoing underdevelopment and subjugation in the homeland and diaspora.

Paper long abstract:

The intrinsic nature of capital and capitalism inherently manifests as antithetical to the interests of Africa and the Black community. The term 'Black capitalism,' introduced by Richard Nixon, gained prominence, particularly post-Obama's election, as the black elite rose in global politics, business, academia, and sports. Hutchinson's 1970 work, "The Myth of Black Capitalism," critically challenges the assumption that capitalism can rectify injustices faced by African Americans. His historical analysis shows that a cadre of Black capitalists failed to alleviate inequalities. This analysis asserts that Black capitalism opposes the interests of the Black community and Africa and the belief in its potential to improve socio-economic conditions for Africans is considered illusory, serving to subjugate Africans, perpetuating imperialism and neo-colonialism. This dynamic is exemplified by entities like Aliko Dangote and Mike Adenuga in Nigeria and Strive Masiyiwa (Zimbabwe), highlighting the prevalence of black capitalism. This research advocates for the tenets of African socialism and communitarianism, aiming to counter the influence of 'Black Capitalism.' Through an epistemological exploration, the study elucidates the stratagems and rationale employed by capitalist entities to perpetuate Africa's enduring state of underdevelopment and subjugation, both within its borders and across the diaspora. Aligned with the tenets of radical socialism as articulated by Karl Marx, the imperative for 21st-century Africans is to transition from theoretical discourse to tangible action, effectuating practical and revolutionary transformations.