Most capital markets that have been established in developing economies like Africa have struggled to make progress over two decades down the line. Development of African Capital Markets explores why these markets have remained underdeveloped and discusses a possible development theory that can be used in designing and implementing legal and institutional reforms to reinvigorate capital markets in African and other developing countries. Boniface Chimpango analyses the weaknesses of capital markets in developing countries, and argues that legal and institutional framework for capital markets in developing countries should be tailored to the unique informal rules prevalent in each country rather than being transplanted from developed countries. This book will be of interest to scholars, students and policy makers in the fields of economic development, African Studies, law, development and regulatory policy.

This 1988 book provides an analysis of African capitalism which offers a positive view of its role.

First published in 1986, this work challenges underdevelopment analyses of Africa’s past experiences and future prospects, and builds upon a very wide range of recent historical research to argue that the impact of Capitalism has resulted in economic progress and significant improvements in living standards. In marked contrast to the dependency approach, they propose that the important political and economic differences between the experiences of developing countries should be stressed and analysed. The argument is supported by a detailed look at the emergence since 1900 of capitalist social relations of production in nine different countries.

Combining ethnographic and historical perspectives, Tom Forrest examines the strategies and patterns of development employed by business people from the colonial period to the present. Through a series of highly readable case studies, he provides a broad picture of the various forms of capital accumulation and sectoral advances in trade, transport, manufacture, agriculture, finance and other services. These are set within the context of changing economic opportunities, shifts in power and policy, relations with foreign capital, and attitudes towards private business and the state.

Southern Africa suffers from disproportionately expensive capital which denies the region its full growth potential. This book presents ideas and proposals for reducing the cost of capital in the region.