Financialization and premature de-industrialization in the African context

Carlos Castel-Branco (Lisbon School of Economics and Management (ISEG/CEsA))
Alfredo Saad Filho (SOAS University of London)
Economy and Development
50 George Square, G.05
Session slots:
Thursday 13 June, 10:45 - 12:30

Short abstract:

The panel discusses how dynamics of capital accumulation and (des)industrialization in the African context are part of, integrated in and affected by financialization, and the implications of these for the advancement of the political economy analysis of economic growth and transformation in Africa.

Long abstract:

In the first decade of the XXI century, robust growth of African economies led to the argument that "African Cheetahs" were finally following on the footsteps of the "Asian Tigers", with little attention being paid to patterns of growth and economic transformation, global and local dynamics of capital accumulation and their relationship. The slowdown of the rates of growth and the accumulation of public and private debt undermined this initial enthusiasm and also showed the limitations of the Cheetah's argument and of its mainstream criticism. The experience of the first two decades of this century provide an opportunity to re-address how African economies are integrated in the world economy and how this is shaped by and shapes the systems, processes and patterns of capital accumulation, class formation, distribution and the dynamics of expansion, instability and crisis. In doing so, it provides an opportunity to advance the political economy analysis of economic growth and transformation in the African context. We are looking for papers, from established scholars and post-graduate, research students, to discuss the specific characteristics of financialization and of patterns of (des)industrialization in the African context, how they are interlinked, how they are historically related with specific systems and processes of capital accumulation, and what their implications might be for economic growth, instability, crisis, transformation and political economy analysis.