By Todd J. Moss
Sub-Saharan Africa, the poorest and least built-in zone of the area, now has fifteen inventory markets. event Capitalism examines the industrial and political forces in the back of this pattern and discusses the aptitude effects of economic marketplace integration for constructing international locations. utilizing a political financial system process, it unearths that monetary globalization offers a powerful problem for African policymakers, yet can also be a chance with a variety of merits.
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Extra resources for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa
The result was the giant 1,070 megawatt Akosombo dam, completed in 1965, which created Africa’s largest man-made lake. Nkrumah seems to have done so because, “[he] envisioned that Akosombo would provide the electricity to convert Ghana into a ‘modern’ nation-state and also become a symbol of the determination of his country and himself to play a leading role in the rapidly industrializing, post-colonial Africa” (McCully, 1996). Whilst few politicians are likely to believe that the GSE means much to ordinary Ghanaians, and certainly carries nowhere near the same symbolic weight as Akosombo, it does appear that a stock market might be interpreted as the “ultimate symbol” of a modern economy.
14 The broader debate over “push” versus “pull” of capital flows to emerging markets will also be discussed in more detail in Chapter 4, but stock markets could be viewed as a high-profile attempt by governments to “pull” some of the massive international supply of capital. Nearly every country in the world uses foreign equity capital to finance corporate development and expansion, and it could be argued that Africa, where even small amounts of capital can make a large difference, may simply be opening stock markets in the hope of one day tapping into this new opportunity.
Other countries have tried similar schemes and aggressive education campaigns, 38 Adventure Capitalism often with good effect, to encourage smallholders to participate in the market. The 1996 Kenya Airways privatization received 112,000 applications from the public for shares, a monumental number for an African market. By comparison, Ghanaian companies typically have 2,000–4,000 shareholders. Andrew Berg & Elliot Berg (1997) sum up the potential benefits of privatizing a SOE through the local stock exchange: The public floatation is politically appealing and has great revenue raising potential.
Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa by Todd J. Moss