Adventure Capitalism: Globalization and the Political by Todd J. Moss PDF

By Todd J. Moss

ISBN-10: 0230554784

ISBN-13: 9780230554788

ISBN-10: 134950937X

ISBN-13: 9781349509379

Sub-Saharan Africa, the poorest and least built-in zone of the realm, now has fifteen inventory markets. experience Capitalism examines the commercial and political forces at the back of this pattern and discusses the capability effects of monetary marketplace integration for constructing nations. utilizing a political economic system strategy, it unearths that monetary globalization offers an impressive problem for African policymakers, yet is additionally a chance with quite a number advantages.

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Extra resources for Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa

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This suggests that not only have government officials prioritized the establishment of bourses, but have also committed scarce public resources to their operation, often times still needing that financial crutch more than a decade after opening. Surely, there must therefore be good reasons for such a strong embrace and support for stock markets by cash-strapped governments. Yet, there is no simple answer. There are, of course, a number of “reasons” as to why stock exchanges have been established in Africa and several factors behind their development and promotion.

In the absence of the medium for exchange, it is difficult to see how smallholders could get fair value for their shares. Overall, it appears that the listing on the GSE and the local offering of small blocks of shares to the public was an important factor in allowing the privatization of both AGC and PBC to move ahead smoothly. GSE officials have attempted to capitalize on this populist angle in promoting the exchange to the public. This is in stark contrast to some of the other African markets, where the stock exchange has historically been seen largely as an institution for European or Asian elites, such as in Zimbabwe, Kenya, and Namibia.

Ultimately, it undermined public confidence in the financial sector as a whole and contributed to significant capital flight – which also added to a precipitous decline in the value of the cedi and a vicious circle of further capital flight and depreciation. It appears that mistrust of local financial institutions has been stubbornly resilient, and has been linked to the continuing levels of antipathy between the local business community and Rawlings’s National Democratic Congress (NDC). Substantial anecdotal evidence suggests that most middle- and upper-class Ghanaians who have sizeable savings either purchase treasury bills or invest abroad in foreign currency.

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Adventure Capitalism: Globalization and the Political Economy of Stock Markets in Africa by Todd J. Moss


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