IDEAS home Printed from
   My bibliography  Save this paper

The Anatomy of Emerging African Capitalist States


  • Kalonga Stambuli

    (Surrey Institute of Global Economics Research)


The author argues that the doctrine of state supremacy in Africa suffered a crushing defeat at the hands of the collapse of export prices of African commodities in the late seventies, which undermined the ability of governments to support their expanded public sector. The author observes that African nationalists turned advocates of the Stalinist-Marxist philosophy of socialist state expansion in pursuit of the principle objective of consolidating political power contingently synergized by hysterical one party politics, the state bureaucracy and government policy of seeking comprehensive ownership of the means of production and centralized management of the economy. In reality, the nationalist state machinery subjugated the citizens to its inexorably capricious dictates of political economy, which served to limit the scope for private enterprise. The author presents a new doctrine of ‘African Capitalist States’ advancing the view of Adam Smith about reduced size and role of the public sector, market liberalization financial liberalisation and Exchange rate liberalization. The new ‘African Capitalist States’ are also dismantling protective discriminatory tariffs and moving towards a freer economy.

Suggested Citation

  • Kalonga Stambuli, 2002. "The Anatomy of Emerging African Capitalist States," Method and Hist of Econ Thought 0211003, EconWPA.
  • Handle: RePEc:wpa:wuwpmh:0211003
    Note: Type of Document - word; prepared on IBM PC; to print on HP;

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Morishima,Michio, 1992. "Capital and Credit," Cambridge Books, Cambridge University Press, number 9780521418409, March.
    2. Lewin, Peter, 1997. "Rothbard and Mises on Interest: An Exercise in Theoretical Purity," Journal of the History of Economic Thought, Cambridge University Press, vol. 19(01), pages 141-159, March.
    3. Hoppe, Hans-Hermann, 1997. "On Certainty and Uncertainty, or: How Rational Can Our Expectations Be?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 10(1), pages 49-78.
    4. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    5. Peter Lewin, 1994. "Capital theory," Chapters,in: The Elgar Companion to Austrian Economics, chapter 31 Edward Elgar Publishing.
    6. Foss Kirsten & Foss Nicolai & Klein Peter G. & Klein Sandra K., 2002. "Heterogeneous Capital, Entrepreneurship, and Economic Organization," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 12(1), pages 1-20, March.
    7. Dow, James & Werlang, Sergio Ribeiro da Costa, 1992. "Uncertainty Aversion, Risk Aversion, and the Optimal Choice of Portfolio," Econometrica, Econometric Society, vol. 60(1), pages 197-204, January.
    8. Epstein, Larry G & Wang, Tan, 1994. "Intertemporal Asset Pricing Under Knightian Uncertainty," Econometrica, Econometric Society, vol. 62(2), pages 283-322, March.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Africa; capitalism; socialism; free market economies;

    JEL classification:

    • B - Schools of Economic Thought and Methodology

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpmh:0211003. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.