Event Name New patterns in capital flight from South Africa
Start Date 28th Nov 2018 4:00pm
End Date 28th Nov 2018 5:30pm
Duration 1 hour and 30 minutes
Description

This paper analyses the role of capital outflow from South Africa, i.e. capital flight in the context of the country’s financialisation. The article updates the results on illegal capital flight from South Africa for an earlier contribution by Ashman, Newman and Fine that covered the period to 2006. But this is much more than simply adding figures for later years. Rather, the article also covers the impact of the Global Financial Crisis on such issues both for South Africa and more generally, how popular debate, policy and scholarship have moved over the intervening period, the relationship between financialisation and capital flight, and the implications of capital flight for developmental prospects and progressive alternatives to neoliberalism. The role played by capital flight in the trajectory of the South African economy in the post-apartheid period is identified, both as cause and effect, drawing out common characteristics with capital flight elsewhere in the world as well as those peculiar to South Africa. This also allows for some understanding of how and why post-apartheid stability is unravelling over and above failures in the economic domain. The analysis sheds light on how financialisation is intensifying the combined and uneven development of the world economy, and uneven development within South Africa.