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Capitalism’s future is Africa’s future
[‘Corruption in Bank Lending to Firms: Cross-country Micro Evidence on the Beneficial Role of Competition and Information Sharing’]

Author

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  • Vera Songwe

Abstract

This article looks at the role of finance within a traditional form of capitalism. In essence, it was a component of a dynamic process which relied on classical production functions to create value. This contrasts with its more recent role in which financial value creation happens in isolation of production. It tries to tease out the implications for Africa as well as for the future of capitalism. The conclusion reached is that Africa is ripe for that traditional role of finance, but not for its modern variant. Policy choices will determine which options dominate investment decisions.

Suggested Citation

  • Vera Songwe, 2021. "Capitalism’s future is Africa’s future [‘Corruption in Bank Lending to Firms: Cross-country Micro Evidence on the Beneficial Role of Competition and Information Sharing’]," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 37(4), pages 734-742.
    • Handle: RePEc:oup:oxford:v:37:y:2021:i:4:p:734-742.
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    File URL: http://hdl.handle.net/10.1093/oxrep/grab038
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