Capital accumulation and capital controls in South Africa: a class perspective

The article analyses capital controls (CC) in South Africa in light of the historically and geographically specific social relations of production. It highlights the role that CC have historically played in reproducing particular forms of capital accumulation, and sheds light on the CC currently imp...

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Bibliographic Details
Published in:Review of African political economy 2018-04, Vol.45 (156), p.223-249
Main Author: Alami, Ilias
Format: Article
Language:English
Subjects:
Accumulation
Afrique du Sud
analyse de classe
Analysis
Capital
Capital controls
capital flows
Capital formation
Capital movement
Capitalism
class analysis
Class relations
Contrôle de capitaux
Crises
Data
Economic models
Fieldwork
Finance
flux de capitaux
Forces and relations of production
Money
Quantitative analysis
Social classes
Social relations
South Africa
state theory
théorie de l'État
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Summary:The article analyses capital controls (CC) in South Africa in light of the historically and geographically specific social relations of production. It highlights the role that CC have historically played in reproducing particular forms of capital accumulation, and sheds light on the CC currently implemented by the state. The analysis draws upon quantitative data from the national accounts, descriptive data on CC from policy documents, and interviews conducted during a period of extensive fieldwork. The article makes three main arguments. First, CC have played a key role in facilitating the reproduction of essential capitalist social forms, namely the state and money, and have been instrumental in the management of class relations. Second, the concrete forms that CC have taken are inseparable from the historical-geographical specificity of accumulation and the uneven unfolding of crises and social class struggles. Third, working classes have had an active (though indirect) role in shaping CC policies.
ISSN:0305-6244
1740-1720
DOI:10.1080/03056244.2017.1389715