Page 49 - Msingi Afrika Magazine Issue 4

AFRIKONOMICS didly and without apologies. can has not, in the past, had the Nyerere. He warned that “…since
ECONOMY ECONOMY

Theory Part 1 As does conventional economics, opportunity to accumulate wealth global capitalism had so little that
was positive to offer Africa, he
we stress human agency and au-
and will therefore use the political
tonomy. Yet, unlike mainstream
be self-reliant”. He further warned
while really not motivated by his
economics, we are not shackled platform as his means to wealth added immediately: You have to
by positive scientism and a nomi- promise to serve the interests of that the leadership of the future
nalist epistemology. We believe in the majority. Having come from will have to devise, try to carry
a greatly enriched human nature poverty to power, he us shack- out policies of maximum national
that takes morality seriously and led by his past and releases him- self-reliance and maximum col-
that is consistent with human dig- self through the accumulation of lective self-reliance. They have
nity. wealth that he hardly needs but no other choice.
Socially embedded economics must have at all costs. Immanuel Wallerstein, (Historical
seeks unity in the forces of hu- Capitalism and Capitalist Civilisa-
man nature. We have a strong Africa’s Indigenous tion, Verso Press, London, 2003)
conviction that economic thinking argues that individualism, which
Strengths
and discourse cannot be carried is one of the values of capitalism,
The following are factors that give
out in an ethical vacuum, and that encourages the race of all against
the indigenous in Africa its sus-
it is this explicit ethical foundation all in a particularly virulent fash-
tainability.
which is so distinctive for socially Firstly, a sense of community re- ion, since it legitimises this race
embedded economics as an al- for all of mankind. `It is thereby
mains very strong. The strong
ternative to ordinary economics. limitless. So individualism is the
sense of community among Afri-
It is our mission to expose errors spur of energy and initiative, and
cans has important implications
in the mainstream economics it is also the limitless struggle of
for development.
and to offer a general framework all against all – whereby both
with which to rebuild economics, universalism and racism/sexism
Secondly, the role in the African
including the theory of economic emerge.
economy of the extended fami-
policy, on sounder ground. Africa does not benefit from West-
ly or household. The household
We must realize that what is called ern capitalism because it has
economy has not found much fa-
‘economics’, as it is taught in our vour among the managers of de- failed to emulate the West in how
universities, is simply a reflection to produce capital, and this is a
velopment in Africa.
of the economic experiences of fact that has been proven beyond
the White community, which in any doubt.
Thirdly, it is the profoundly par-
itself is an extension of the eco- The idea that all nations should
ticipative character of African
nomic experiences of developed culture. The development effort appropriate Western capitalism
Western countries. The challenge through emulation hinges also
has not come to terms with the
for us in Africa, is to develop a on the assumption that it is only
fact that Africans do not generally
new economics, which shall be a economic system that humanity
think of themselves as atomized
reflection of the economic expe- has ever known. An evolutionary
beings in competition, rather their
riences of the overwhelming ma- consciousness runs in the direc- approach to the appropriation of
jority of society, the African peo- Western capitalism is also based
tion of belonging to an organic
ple…Our economics must begin on the assumption of the ahistor-
social whole.
with an accurate knowledge of ical nature of such an economic
the situation and needs of the system. Western capitalism was
overwhelming majority of Africans Western Capitalism & not necessarily the result of nat-
in rural and semi rural areas, and Globalisation ural processes of economic evo-
in the townships of urban areas. The global capitalist system did lution.
Therefore, Afrikonomics is the not, and does not, serve Africa The capitalism which took root
institutional feature of post-inde- well. The subordination of Afri- in Africa was a form of stunted
pendent African governments to ca to global capitalism has to be capitalism, which generated and
deliver to the masses on one side, stopped. Globalisation has ad- reproduced a stunted politics
with the emergence of an African verse ramifications for the coun- both in the marginalised African
cabal in politics and business tries of the South, with the poor- society and in its colonial leader-
whose main concern is the accu- est being the most badly affected. ship. This situation resulted into
mulation of wealth on the other. It This evolution of globalization an institutionalised greed. Greed
is a result of the fact that the Afri- and its negative implications for has now been institutionalised
Africa was not a new one for

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