In a major contribution to roape.net, Zsuzsánna Biedermann analyses the complex reasons behind the largely fruitless diversification efforts in Botswana. Chitonge details some of the debates. On more than a few readings, it is the defining trait...... Exposing the illusion of the green economy, Simone Claar argues that while the idea of greening capitalism might provide a clear conscience to regions in the North for addressing the ecological crisis, it perpetuates the exploitative relationship between the North and South. Old traditions and perspectives, Di Muzio argues, continue to have a stranglehold on political economy yet the approach of capital as power offers insights closer to the actual practices of capitalists. In the process they foster a measure of corporate success and performance predicated on individualism and not on collective interests. This is an economic philosophy that embodies the private sector’s commitment to the economic transformation of Africa through investments that generate both economic prosperity and social wealth. Instead, they developed new, African versions of socialism that supported some traditional structures while proclaiming that their societies were - and always had been - classless. This is reflected in some of the excesses of the multinational firms operating in Africa. The problem here is not necessarily the spirit of capitalism as the harbinger of human freedom and economic emancipation. So, the leaders who instituted socialist regimes shortly after independence - like in Senegal and Tanzania - did not reproduce Marxist-Leninist ideas. The study of capitalism in Africa often assumes strong institutional contexts and actors. In this blogpost Milford Bateman argues fin-tech has the potential to gravely undermine the position of the poor and to increase inequality while, not coincidentally, vastly enriching a narrow elite. Development, industrialisation and diversification remains a frustrating and elusive goal for the country.... After the manifest failure of microcredit to address poverty in Africa and everywhere else, the international development community has hit upon a new microcredit-related idea that, it claims, will do the job this time around: ‘fin-tech’, i.e. Marine Al Dahdah explains that sub-Saharan Africa has been at the epicentre of mobile money and an experimental terrain for the mobile economy. Following a recent debate on 'African Capitalist Society' organised by Jörg Wiegratz of the Review of African Political Economy at the UK African Studies Association conference in Cambridge, Stefan Ouma continues the discussion on roape.net. Black capitalism is a political movement among African Americans, seeking to build wealth through the ownership and development of businesses. One strain of Black Capitalism is immersed in the ethic of African Americans building wealth together, as exemplified in the Kwanzaa value of “ujamaa” meaning ‘cooperative economics’. There is also the possibility of using public opinion and pressures such as social rankings and reward systems to nudge firms into adopting Africapitalism as a standard practice. Why Was Africa Called the Dark Continent? By Nick Bernards The exploitation of ‘free’ wage labour – in Marx’s double sense of those workers ‘free’ to sell their labour to whom they choose and ‘free’ of any other means of reproducing themselves – is a core characteristic of capitalist relations of production. Their struggle for living wages and basic protections from employers made socialism attractive to them, particularly the type of modified socialism that men like Senghor proposed. In a contribution to the debate on Capitalism in Africa hosted by roape.net, Mains argues that an analytical method is needed that can examine these processes without assuming a capitalist society that is unified by a singular mode of economic production. While lamenting how radical views have largely disappeared from the French intellectual scene, he notes that anglophone African studies almost entirely neglect work in French. The most well-known example of African socialism was Julius Nyerere's radical policy of ujamaa, or villagization, in which he encouraged, and later forced people to move to model villages so that they could participate in collective agriculture. Above all, the fastest way is to galvanise “a generation of private sector entrepreneurs who have the vision, the tools and the opportunity to shape the destiny of the continent”. The leaders of these countries believed socialism offered their best chance to overcome the many obstacles these new states faced at independence. Its tenets need to be firmly embedded in the curricula of business schools in Africa. They hope to initiate a discussion on the various responses to extractive capitalism in Southern Africa. The world is moving increasingly towards mixed models of capitalism and what is certain is that Africa needs one that both caters for its unique advantages and addresses its equally unique challenges. It treats Africa primarily as a place (and not necessarily as a market) with meaning and value to people’s identities. They also didn’t want to bring in foreign political or cultural ideas; they wanted to encourage and promote African social and political ideologies. This is the balance between economic prosperity and social wealth. And the country 's economy suffered – which has not transformed the continent and destructive unchanged! 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