Introduction to the special section ‘Financialization in South Africa’

Karwowski, Ewa; Fine, Ben; Ashman, Samantha

doi:10.1177/1024529418791762

Cited by 9 publications

(8 citation statements)

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“…As a contribution to the literature, this paper shows that because of financialization, manufacturing growth is hampered even in the long-run by interestseeking finance such as domestic credit given to private sector by banks and financial institutions. Earlier studies on the determinants of manufacturing growth in African countries do not consider the role of finance and studies those on financialization in African countries do not consider the long-run effect of manufacturing [3][4][5].…”

Section: Original Research Articlementioning

confidence: 99%

“…Furthermore, several studies on financialization have looked at the reduction in pro-ductive investments in Asia, Latin America and even South Africa, where firms are argued to be overcapitalised and solely focus on short-term investments, at the expense of the productive section of the economy [4].…”

Section: Empirical Reviewmentioning

confidence: 99%

“…The sign on the coefficients of these variables across all three estimated models confirm this. In the first set of results, net official development assistance and foreign aid received as well as its interaction with 4 This paper uses the F-statistic. However, the Bounds test also produces a t-statistic which can be used to make a decision.…”

Section: Ardl Estimationsmentioning

confidence: 99%

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Thinking about Financialization and Industrialization in Ghana: Is there Evidence of Long-run Equilibrium?

Atta-Quayson

2022

AJEBA

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Ghana recently decided to embark on a massive industrialization agenda, because the decision makers in the country believe that industrialization is the way to create sustainable employment and achieve sustained long run economic growth. However, there are threats to this agenda that need to be examined. In this paper, we show that financing industrialization via typical domestic sources or foreign aid do not support the growth of manufacturing in Ghana. We argue that financialization threatens the success of industrialization in Ghana, because typical domestic finance and foreign aid focus on short-term returns. Using time series data from 1980 - 2019, we model the relationship between domestic finance, foreign aid and manufacturing growth in Ghana. The results support our concerns about threats of financialization. We recommend that Ghanaian policy makers consider using industrial finance as was done in Japan in the 1950s and 1960s to achieve long-term sustainability for industrialization in Ghana instead of using typical market-based credit or debt.

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Section: Original Research Articlementioning

confidence: 99%

Section: Empirical Reviewmentioning

confidence: 99%

Section: Ardl Estimationsmentioning

confidence: 99%

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Thinking about Financialization and Industrialization in Ghana: Is there Evidence of Long-run Equilibrium?

Atta-Quayson

2022

AJEBA

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“…One major shift within the MEC is a decline in the economic contribution made by the mining and manufacturing sectors, and, in parallel, the growing significance of finance to the economy (Minerals Council 2019c; Karwowski et al 2018). This shift includes the financialisation and internationalisation of the MEC's conglomerates, including some of the energy-intensive users listed above, leading to what has been described as a 'financialised MEC' (Ashman and Fine 2013: 146) As climate change has increased in national priorities, particularly over the last two years, GHG emissions have become an increasingly important consideration for national and international investors and asset managers (Creamer 2022a), in a reflection of more general global trends (TCFD 2021).…”

Section: The Minerals-energy Complex and Beyondmentioning

confidence: 99%

The Political Economy of South Africa’s Carbon Tax

Baker¹

2022

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The subject of carbon pricing is rising up the global policy agenda, as countries take action in the aftermath of the United Nations Framework Convention on Climate Change’s Conference of the Parties 26 summit in November 2021. South Africa is the only country in sub-Saharan Africa to have enacted a carbon tax to date, and, globally speaking, was ahead of the curve when it started to consider its implementation at the start of 2010. With a historically energy-intensive and carbon-intensive economy as a core feature of its minerals-energy complex, South Africa is the world’s 14th largest emitter of greenhouse gases, and the largest emitter on the continent. Its electricity grid is the world’s most carbon-intensive, and its primary energy consumption is ranked 17th globally. While the country’s gross domestic product is the 30th highest in the world, it is also one of the most unequal. It has a legacy of socioeconomic and political exclusion, and marginalisation created by the apartheid history that has persisted in the decades since the democratic transition in 1994. This paper asks to what extent and in what way has South Africa’s political economy shaped the process and implementation of its carbon tax? In answering this question, the report explores and analyses the design and implementation of the tax; the key criticisms to which it has been subjected; the effectiveness of the tax, not least in light of the considerable allowances and exemptions that have been included in its design; the relationship between the carbon tax and other existing climate change policies; and the potential relevance of South Africa’s experience for other countries on the continent.

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“…23 On the developmental state paradigm (and South Africa and illegal capital flight), see Ashman et al (2010a and2011b), Fine (1999Fine ( , 2010dFine ( and e, 2013bFine ( and 2016b, Fine and Rustomjee, Fine and Pollen (2018) and Fine et al (eds) (2013). And for South Africa and financialisation, Ashman et al (2018).…”

Section: The State Of South Africa the Military And Cost Benefit Anal...mentioning

confidence: 99%

Post-truth: an alumni economist’s perspective

Fine

2019

International Review of Applied Economics

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Thanks for the opportunity to give this lecture and, at the same time, mark my retirement from SOAS after twenty-seven years, following twenty years at Birkbeck, and fifty years since first studying economics as a graduate student, having completed a first degree in mathematics. Back in 1969, Jim Mirrlees, then Professor of Economics at Oxford, visited the Maths Institute to recruit third-year undergraduates to be funded to take a two-year postgraduate course in economics. I was one of the lucky ones to benefit from his view that a degree in mathematics was more important than one in economics for his purposes. Within a week, I was participating in a weekly research seminar with the leading mathematical economists organised by Mirrlees, reflecting the ease of transition from maths to such economics. Of course, sorry for the name dropping and more to come as this is an occasion to indulge myself, Mirrlees was later to win a Nobel Prize for devising optimal taxation systems (in which all conscientiously pay their taxes).That's how my economics began, and sorry that I have taught so few of you as alumni in our audience today, as I have scarcely taught other than at postgraduate level, and especially focused upon research students, with fifty-one of my own having completed, and hundreds of others have passed through my hands as I have spent most of my career as a research student tutor. Indeed, I can identify as past supervisees, ten professors, twenty-one lecturers, fourteen researchers, four I am now unable to trace, and two whom I am unsure how to categorise! 1 Now, from my title, I suspect you expect me to entertain you with Fake News and Trumponomics. Not at all. I want to talk about my own career and had to find a way to frame it, a peg or theme on which to hang it, a sort of literature survey of myself (a private joke with my Phd students). 2 I thought it might be interesting to see how my works, thirty books and three hundred articles or so, have stood up to the test of time, against my major theme that mainstream economics is a major and longstanding purveyor of post-truth. Here, it is important to note that the current vogue of pointing to fake news, post-truth, etc, is itself a 1 Note that research students, and colleagues, have been a rich source of joint research and collaboration. But, with one exception, apart from referencing publications, I have refrained from mentioning individuals in what follows despite a huge debt of contribution and gratitude (hopefully deservedly felt in both directions). 2 I have had the chance on two previous occasions to write about my life as an economist, see Fine (2001a and2012a). In the former, I was tickled to realise I was the youngest living contributor!

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Introduction to the special section ‘Financialization in South Africa’

Cited by 9 publications

References 2 publications

Thinking about Financialization and Industrialization in Ghana: Is there Evidence of Long-run Equilibrium?

Thinking about Financialization and Industrialization in Ghana: Is there Evidence of Long-run Equilibrium?

The Political Economy of South Africa’s Carbon Tax

Post-truth: an alumni economist’s perspective

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