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

Vera Songwe

Oxford Review of Economic Policy, 2021, vol. 37, issue 4, 734-742

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.

Keywords: capitalism; Africa; firms money markets; funds (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:oup:oxford:v:37:y:2021:i:4:p:734-742.

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