Regulating Capital in Accumulation: Negotiating the Imperial &apos;Frontier&apos;

Bracking, Sarah

doi:10.1080/03056240308369

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Review of African Political Economy

Volume 30, Issue 95

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Regulating Capital in Accumulation: Negotiating the Imperial 'Frontier'

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Author(s): Sarah Bracking

Publication date (Print): March 2003

Journal: Review of African Political Economy

Publisher: Review of African Political Economy

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Abstract

There are three major propositions that underpin this article. First that the poorest countries are still incorporated into the global economy in adverse terms, or in a way once described by the dependency and neo-marxist schools as 'dependent'. Second, that this is not because of neutral, market driven features of globalisation or comparative advantage, but by deliberate and political intervention by people and institutions of the richer countries, moderated by the behaviour of (African and other) political elites. I shall model this interaction institutionally and propose that this serves as a 'Keynesian global multiplier' for investors, but provides very limited gains to host countries. Third, that African states have developed their own means of creating markets and state-sponsored means of accumulation, primarily by processes of local content rules, indigenisation and empowerment. These are inevitably subject to contextual questions of legitimacy. The article concludes that the current conceptualisation of government as essentially outside the market prevents us from understanding these emerging institutional structures and economic multipliers; it also disables consideration of the types of redistributive policy that are so essential for socio-economic recovery.

Content

Author and article information

Journal

Journal ID (publisher-id): crea20

Journal ID (archive): CREA

Title: Review of African Political Economy

Publisher: Review of African Political Economy

ISSN (Print): 0305-6244

ISSN (Electronic): 1740-1720

Publication date (Print): March 2003

Volume: 30

Issue: 95

Pages: 11-32

Article

Publisher ID: 10032905 Coden ID: Review of African Political Economy, Vol. 30, No. 95, March 2003, pp. 11-32

DOI: 10.1080/03056240308369

SO-VID: 95413a59-3929-4547-bc49-7a2a10cdea64

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All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

History

Page count

Figures: 0, Tables: 0, References: 73, Pages: 22

References

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Bratton M and van de Walle N. . 1994. . 'Neopatrimonial regimes and political transition in Africa'. . World Politics . , Vol. XLVl:: 453––89. .
Brittan S. . 1987. . “'Inflation and Democracy'. ”. In The Political Economy of Inflation . , Edited by: Hirsch F and Goldthorpe J H. . London : : Robertson. .
Rose Rob. . 2002a. . 'Mining Empowerment Taking Shape'. . Business Day . , 22 July;
5 JuIy. 2002b . “'Big business needs new vision to cross social rift'. ”. 5 JuIy. ,
31 July. 2002c . “'Diamond industry regains some lustre'. ”. 31 July. ,
2002. . 'Khumalo barred from Harmony Trading'. . Business Report . , 16 July;
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Ergas Z. , ed. 1987. . “'The state as lame leviathan: The Patrimonial-administrative state in Africa'. ”. In African State in Transition . , London : : Macmillan. .
CDC Capital Partners. . 2002. . “'Deal History'. ”.
Chabal P and Daloz J-P. . 1999. . Africa Works: Disorder as Political Instrument . , Oxford : : James Currey. .
Chomsky N. . 1993. . Year 401: The Conquest Continues . , Boston : : South End Press. .
Clarke S. . 1978. . 'Capital, Fractions of Capital and the State: "Neo-Marxist" Analysis of the South African State'. . Capital and Class . , Vol. 5:
Dean H. . 1999. . Governmentality: Power and Rule in Modern Society . , London : : Sage. .
Department for International Development (DFID). . 2002. . Developments . London :
Duffield M. . 2001. . “'Durable Disorder: Governing the Global Margins'. ”. University of Leeds. .
2002. . 'Forex Rates'. . Financial Gazzette . ,
2002b. . 'Zim Heads into Summer of Discontent'. . N Nyathi . , 17 October;
1 August. 2002c . “'Farmers, government in showdown over title deeds'. ”. 1 August. ,
Ngwawi J. , ed. 1 August. 2002d . “'Proposed exchange controls kill goose that lays golden egg'. ”. 1 August. ,
Foucault M. . 1991. . “'Covernmentality'. ”. In The Foucault Effect: Studies in Governmentality . , Edited by: Burchell G. . Chicago : : University of Chicago Press. .
Giddens A. . 1985. . The Nation-state and Violence . , Cambridge : : Polity. .
Hay C. . 1996. . Re-stating Social and Political Change . , Milton Keynes : : Open University. .
Hashim Y. . 1994. . “'The State and Trade Unions in Africa: A Study of Macro-Corporatism'. ”. The Hague : : Institute of Social Studies. .
Herbst J. . 1990. . State Politics in Zimbabwe . , Berkeley : : University of California Press. .
Held D and Krieger J. . 1983. . “'Accumulation, Legitimation and the State: the Ideas of Claus Offe and Jurgen Habermas'. ”. In States and Societies . , Edited by: Held D. . Oxford : : Robertson. .
Hertz N. . 2001. . The silent takeover: global capitalism and the death of democracy . , London : : Heinemann. .
Hirsch J. . 1978. . “The State Apparatus and Social Reproduction: Elements of a Theory of the Bourgeois State'. ”. In State and Capital . , Edited by: Holloway J and Picciotto S. . London : : Edward Arnold. .
Hobson J A. . 1938. . Imperialism: a study, . , third edition. , London : : Allen andUnwin. .
Hoffman J. . 1995. . Beyond the State: An Introductory Critique . , Cambridge : : Polity. .
Holloway J and Picciotto S. . 1978. . “'Introduction: Towards a Materialist Theory of the State'. ”. In State and Capital . , London : : Edward Arnold. .
International Development Committee. . 1999. . Fifth Report from the Committee, Session 1998-99, Department for International Development: 1999 Departmental Report .
July. 2000 . Eighth Report Department for International Development: 2000 Departmental Report . July. ,
IRIN (UN). . 3 October. 2002 . “'Focus on economic impact of land reform'. ”. 3 October. ,
Keynes J M. . 1997. . The General Theory of Employment, Interest, and Money . , New York : : Prometheus Books. .
Kristof L. . 1969. . “'The nature of frontiers and boundaries'. ”. In The Structure of Political Geography . , Edited by: Kasperson C.R.E. and Minghi J.V.. Chicago : : Aldison Publishing. .
2002a. . 'Fresh doubts over Komatiland forestry deal'. . Mail and Guardian . , 19 July;
23 August. 2002b . “'Mystery of Nkuhlu's Zama shareholding'. ”. 23 August. , South Africa :
Mamdani M. . 1996. . Citizen and Subject: Contemporary Africa anil the Legacy of Late Colonialism . , Princeton : : Princeton University Press. .
May J, Woolard I and Klasen S. . 2000. . “The Nature and Measurement of Poverty and Inequality'. ”. In Poverty and Inequality in South Africa: Meeting the Challenge . , Edited by: May J. . Cape Town : : David Philip. .
Mellor J W and Masters W A. . 1991. . “'The Changing roles of Multilateral and Bilateral Foreign Assistance'. ”. In Transitions in Development: The Role of Aid and Commercial Flouts . , Edited by: LeIe U and Nabi I. . San Francisco : : International Centre for Economic Growth. .
Monbiot G. . 2000. . Captive State: The Corporate Takeover of Britain . , Macmillan : : London. .
Moore M. . 2001. . 'Political Underdevelopment: What causes "bad governanc"'. . Public Management Review . , Vol. 3((3)) September;: 385––418. .
Offe C. . 1984. . Contradictions of the Welfare State . , London : : Hutchinson. .
Lindberg L. , eds. 1975. . “'The Theory of the Capitalist State and the Problem of Policy Formation'. ”. In Stress and Contradiction in Modern Capitalism . , Lexington : : D. U. Heath. .
Okidi J A and Mugambe G K. . 2002. . An Overview of Chronic Poverty and Development in Uganda . , (CPRC Working Paper no. 11). Makerere : : Economic Policy Research Centre. .
Olukoshi AO. , ed. 1994. . Structural Adjustment in West Africa . , Lagos : : Pumark/NIIA. .
Ousmane S. . 1972. . The Money Order until White Genesis . , London : : Heinemann African Writers Series. .
Palan R. . 2000. . Global Political Economy: Contemporary Theories . , London : : Routledge. .
Polanyi K. . 2001. . The Great Transformation: The Political and Economic Origins of our Time . , Boston : : Beacon Press. .
Raftopoulos B. . 1996. . “Fighting for Control: The Indigenisation Debate in Zimbabwe'. ”. In Southern Africa Report . Vol. Vol. 11. , p. 3p. 4 Toronto :
Sachikonye L M. . 2002. . 'Whither Zimbabwe? Crisis & Democratisation'. . Review of African Political Economy . , Vol. 29((91)) March;: 13––20. .
Gibbon P. , ed. 1993. . “'Structural Adjustment, State and Organised Labour in Zimbabwe'. ”. In Social Change and Economic Reform in Africa . , Uppsala : : SIA S. .
Sachikonye L M and Beckman B. , eds. 2001. . Labour Regimes and Liberalization: The Restructuring of State-Society Relations in Africa . , Harare : : University of Zimbabwe Publications. .
Sandbrook R. . 1985. . The Politics of Africa's Economic Stagnation . , Cambridge : : Cambridge University Press. .
Scott D. . 1995. . 'Colonial Governmentality'. . Social Text . , : 191––220. .
Shaw M. , ed. 1984. . War, State and Society . , London : : Macmillan. .
Skidelsky R. . 1979. . “The Decline of Keynesian Polities'. ”. In State and Economy in Contemporary Capitalism . , Edited by: Crouch C. . London : : Croom HeIm. .
Stiglitz J E. . 2001. . “'Foreward'. ”. In The Great Transformation: The Political and Economic Origins of our Time . , Edited by: Polanyi K. . Boston : : Beacon Press. .
2001. . 'Ramaphosa part of Medscheme buy-in'. . Sunday Times (SA) . ,
Tangri R. . 1999. . The Politics of Patronage in Africa: Parastatals, Privatization and Private Enterprise . , Oxford : : James Currey / Africa World Press Inc. .
Tilly C. . 1973. . The Formation of the National States in Western Europe . , Princeton : : Princeton University Press. .
Tornquist O. . 1999. . Politics and Development: A Critical Introduction . , London : : Sage. .
Weir S. . 2002. . Democracy Under Blair: A Democratic Audit of the United Kingdom . , London : : Politico's Publishing. .
World Aid Section. . January. 1991 . UK Department for Trade and Industry, European Community-Funded AM Projects in Developing Countries: Consultancies . Edited by: UK Permanent Representation to the European Communities. . January. ,

Comments

Comment on this article

[1] 1995. . 'Zimbabwe: The Last Scandal'. . Andrew Meldrum . , Jan/Feb;

[2] Ahluwalia P. . 2001. . Politics and Post-Colonial Theory: American Inflections . , London : : Routledge. .

[3] Akwetey E. . 1994. . “'Trade Unions and Democratization: A Comparative Study of Zambia and Ghana'. ”. Stockholm University. .

[4] Aliber M. . 2001. . Study of the Incidence and Natureof Chronic Poverty and Development Policy in South Africa: An Overview . , (Chronic Poverty Research Centre (CPRC), Working Paper No. 3). PLAAS/Programme for Land and Agrarian Studies, University of the Western Cape. .

[5] 2002. . 'Mining Charter: Historic agreement sets tone for economic change'. . ANC Today . , Vol. 2((41)) 11-17 October;

[6] Boyle P. . 1988. . 'A View from Zaire'. . World Politics . , Vol. 40((2)): 268––87. .

[7] Bracking S. . 1997. . “'Expanding markets and Regulating dependency through structural adjustment: business and the case of Zimbabwe since 1989'. ”. Leeds University. .

[8] 1999. . 'Structural Adjustment: Why it Wasn't Necessary and Why it Did Work'. . Review of African Political Economy . , Vol. 26((80)) June;: 207––226. .

[9] Bratton M and van de Walle N. . 1994. . 'Neopatrimonial regimes and political transition in Africa'. . World Politics . , Vol. XLVl:: 453––89. .

[10] Brittan S. . 1987. . “'Inflation and Democracy'. ”. In The Political Economy of Inflation . , Edited by: Hirsch F and Goldthorpe J H. . London : : Robertson. .

[11] Rose Rob. . 2002a. . 'Mining Empowerment Taking Shape'. . Business Day . , 22 July;

[12] 5 JuIy. 2002b . “'Big business needs new vision to cross social rift'. ”. 5 JuIy. ,

[13] 31 July. 2002c . “'Diamond industry regains some lustre'. ”. 31 July. ,

[14] 2002. . 'Khumalo barred from Harmony Trading'. . Business Report . , 16 July;

[15] 1998. . 'Zimbabwe David fells Mugabe Goliath'. . Business Times . ,

[16] Callaghy T. . 1984. . The State-Society Struggle: Zaire in Contemporary Perspective . , New York : : Columbia University Press. .

[17] Ergas Z. , ed. 1987. . “'The state as lame leviathan: The Patrimonial-administrative state in Africa'. ”. In African State in Transition . , London : : Macmillan. .

[18] CDC Capital Partners. . 2002. . “'Deal History'. ”.

[19] Chabal P and Daloz J-P. . 1999. . Africa Works: Disorder as Political Instrument . , Oxford : : James Currey. .

[20] Chomsky N. . 1993. . Year 401: The Conquest Continues . , Boston : : South End Press. .

[21] Clarke S. . 1978. . 'Capital, Fractions of Capital and the State: "Neo-Marxist" Analysis of the South African State'. . Capital and Class . , Vol. 5:

[22] Dean H. . 1999. . Governmentality: Power and Rule in Modern Society . , London : : Sage. .

[23] Department for International Development (DFID). . 2002. . Developments . London :

[24] Duffield M. . 2001. . “'Durable Disorder: Governing the Global Margins'. ”. University of Leeds. .

[25] 2002. . 'Forex Rates'. . Financial Gazzette . ,

[26] 2002b. . 'Zim Heads into Summer of Discontent'. . N Nyathi . , 17 October;

[27] 1 August. 2002c . “'Farmers, government in showdown over title deeds'. ”. 1 August. ,

[28] Ngwawi J. , ed. 1 August. 2002d . “'Proposed exchange controls kill goose that lays golden egg'. ”. 1 August. ,

[29] Foucault M. . 1991. . “'Covernmentality'. ”. In The Foucault Effect: Studies in Governmentality . , Edited by: Burchell G. . Chicago : : University of Chicago Press. .

[30] Giddens A. . 1985. . The Nation-state and Violence . , Cambridge : : Polity. .

[31] Hay C. . 1996. . Re-stating Social and Political Change . , Milton Keynes : : Open University. .

[32] Hashim Y. . 1994. . “'The State and Trade Unions in Africa: A Study of Macro-Corporatism'. ”. The Hague : : Institute of Social Studies. .

[33] Herbst J. . 1990. . State Politics in Zimbabwe . , Berkeley : : University of California Press. .

[34] Held D and Krieger J. . 1983. . “'Accumulation, Legitimation and the State: the Ideas of Claus Offe and Jurgen Habermas'. ”. In States and Societies . , Edited by: Held D. . Oxford : : Robertson. .

[35] Hertz N. . 2001. . The silent takeover: global capitalism and the death of democracy . , London : : Heinemann. .

[36] Hirsch J. . 1978. . “The State Apparatus and Social Reproduction: Elements of a Theory of the Bourgeois State'. ”. In State and Capital . , Edited by: Holloway J and Picciotto S. . London : : Edward Arnold. .

[37] Hobson J A. . 1938. . Imperialism: a study, . , third edition. , London : : Allen andUnwin. .

[38] Hoffman J. . 1995. . Beyond the State: An Introductory Critique . , Cambridge : : Polity. .

[39] Holloway J and Picciotto S. . 1978. . “'Introduction: Towards a Materialist Theory of the State'. ”. In State and Capital . , London : : Edward Arnold. .

[40] International Development Committee. . 1999. . Fifth Report from the Committee, Session 1998-99, Department for International Development: 1999 Departmental Report .

[41] July. 2000 . Eighth Report Department for International Development: 2000 Departmental Report . July. ,

[42] IRIN (UN). . 3 October. 2002 . “'Focus on economic impact of land reform'. ”. 3 October. ,

[43] Keynes J M. . 1997. . The General Theory of Employment, Interest, and Money . , New York : : Prometheus Books. .

[44] Kristof L. . 1969. . “'The nature of frontiers and boundaries'. ”. In The Structure of Political Geography . , Edited by: Kasperson C.R.E. and Minghi J.V.. Chicago : : Aldison Publishing. .

[45] 2002a. . 'Fresh doubts over Komatiland forestry deal'. . Mail and Guardian . , 19 July;

[46] 23 August. 2002b . “'Mystery of Nkuhlu's Zama shareholding'. ”. 23 August. , South Africa :

[47] Mamdani M. . 1996. . Citizen and Subject: Contemporary Africa anil the Legacy of Late Colonialism . , Princeton : : Princeton University Press. .

[48] May J, Woolard I and Klasen S. . 2000. . “The Nature and Measurement of Poverty and Inequality'. ”. In Poverty and Inequality in South Africa: Meeting the Challenge . , Edited by: May J. . Cape Town : : David Philip. .

[49] Mellor J W and Masters W A. . 1991. . “'The Changing roles of Multilateral and Bilateral Foreign Assistance'. ”. In Transitions in Development: The Role of Aid and Commercial Flouts . , Edited by: LeIe U and Nabi I. . San Francisco : : International Centre for Economic Growth. .

[50] Monbiot G. . 2000. . Captive State: The Corporate Takeover of Britain . , Macmillan : : London. .

[51] Moore M. . 2001. . 'Political Underdevelopment: What causes "bad governanc"'. . Public Management Review . , Vol. 3((3)) September;: 385––418. .

[52] Offe C. . 1984. . Contradictions of the Welfare State . , London : : Hutchinson. .

[53] Lindberg L. , eds. 1975. . “'The Theory of the Capitalist State and the Problem of Policy Formation'. ”. In Stress and Contradiction in Modern Capitalism . , Lexington : : D. U. Heath. .

[54] Okidi J A and Mugambe G K. . 2002. . An Overview of Chronic Poverty and Development in Uganda . , (CPRC Working Paper no. 11). Makerere : : Economic Policy Research Centre. .

[55] Olukoshi AO. , ed. 1994. . Structural Adjustment in West Africa . , Lagos : : Pumark/NIIA. .

[56] Ousmane S. . 1972. . The Money Order until White Genesis . , London : : Heinemann African Writers Series. .

[57] Palan R. . 2000. . Global Political Economy: Contemporary Theories . , London : : Routledge. .

[58] Polanyi K. . 2001. . The Great Transformation: The Political and Economic Origins of our Time . , Boston : : Beacon Press. .

[59] Raftopoulos B. . 1996. . “Fighting for Control: The Indigenisation Debate in Zimbabwe'. ”. In Southern Africa Report . Vol. Vol. 11. , p. 3p. 4 Toronto :

[60] Sachikonye L M. . 2002. . 'Whither Zimbabwe? Crisis & Democratisation'. . Review of African Political Economy . , Vol. 29((91)) March;: 13––20. .

[61] Gibbon P. , ed. 1993. . “'Structural Adjustment, State and Organised Labour in Zimbabwe'. ”. In Social Change and Economic Reform in Africa . , Uppsala : : SIA S. .

[62] Sachikonye L M and Beckman B. , eds. 2001. . Labour Regimes and Liberalization: The Restructuring of State-Society Relations in Africa . , Harare : : University of Zimbabwe Publications. .

[63] Sandbrook R. . 1985. . The Politics of Africa's Economic Stagnation . , Cambridge : : Cambridge University Press. .

[64] Scott D. . 1995. . 'Colonial Governmentality'. . Social Text . , : 191––220. .

[65] Shaw M. , ed. 1984. . War, State and Society . , London : : Macmillan. .

[66] Skidelsky R. . 1979. . “The Decline of Keynesian Polities'. ”. In State and Economy in Contemporary Capitalism . , Edited by: Crouch C. . London : : Croom HeIm. .

[67] Stiglitz J E. . 2001. . “'Foreward'. ”. In The Great Transformation: The Political and Economic Origins of our Time . , Edited by: Polanyi K. . Boston : : Beacon Press. .

[68] 2001. . 'Ramaphosa part of Medscheme buy-in'. . Sunday Times (SA) . ,

[69] Tangri R. . 1999. . The Politics of Patronage in Africa: Parastatals, Privatization and Private Enterprise . , Oxford : : James Currey / Africa World Press Inc. .

[70] Tilly C. . 1973. . The Formation of the National States in Western Europe . , Princeton : : Princeton University Press. .

[71] Tornquist O. . 1999. . Politics and Development: A Critical Introduction . , London : : Sage. .

[72] Weir S. . 2002. . Democracy Under Blair: A Democratic Audit of the United Kingdom . , London : : Politico's Publishing. .

[73] World Aid Section. . January. 1991 . UK Department for Trade and Industry, European Community-Funded AM Projects in Developing Countries: Consultancies . Edited by: UK Permanent Representation to the European Communities. . January. ,