The heightened movement of financial capital across the globe, particularly since the 2008 financial crisis, has breathed new life into three long-standing, yet until recently side-lined, debates: the value of cross-border capital controls (increasingly discussed under the banner of ‘macroprudentialism’); dependency theory (key elements of which manifest in the emerging literature on ‘subordinate financialization’); and the role of the state in a capitalist system (discussed in various critical political economy literature, including the influential critical macro-finance scholarship). Alami’s book Money, Power, and Financial Capital in Emerging Markets: Facing the Liquidity Tsunami is a critical intervention into all three debates and serves as fertile ground for a critique of the capitalist state in a highly financialized global system.

The Second African Union-European Union Ministerial Meeting will take place from today 25th to tomorrow 26th of October October 2021, in Kigali, Rwanda. While today, 25th October 2021, the Senior Officials of the AU and the EU will meet, tomorrow the 26th of October 2021, the Joint AU-EU ministerial meeting will be convened. Prior EU-Africa meetings have focused on issues such as economic cooperation, resilience, peace, security and governance, migration and mobility but not as much on Africa’s pressing sovereign debt crisis. The March 2020 EU-Africa Strategy did not focus on Africa’s debt crisis. It is important that the Second African Union-European Union Ministerial Meeting goes beyond the traditional ACP issues centering around, trade and investment, development cooperation and political dialogue. Africa’s sovereign debt crisis be part of the conversation.

I wrote this book as an attempt to think politically about the cross-border movement of money and financial flows in developing and emerging economies, in Africa and elsewhere. Much of the economics literature, whether mainstream or more critical, and whether scholarly or policy-oriented, tends to conceive of this topic as a technical question. If only emerging markets attracted the right amount of financial capital (neither too little nor too much) with the right quality-mix (a healthy balance between long-term and short-term flows), then financial crises, speculative bubbles, overborrowing, and other negative effects could be avoided, and global finance could be harnessed for development purposes. From this perspective, then, what is at stake for emerging markets is to implement the right policies, regulations, and institutions.

October 22, 2021

Africa & International Trade Law

Friday to Saturday, 29-30 October 2021

 Virtual Conference 

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The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.

The Afronomicslaw.org Academic Forum invites you to join their next guest lecture series.

In this presentation, I have argued that the current national conflict of laws regimes to resolve intra-African private cross-border commercial disputes are not fit for purpose. They must be reformed to enable them to deliver on the goals of the AfCFTA. One can expect an increase in private cross-border commercial disputes arising from increased intra-African trade with the implementation of the AfCFTA. It would be unfortunate if all the efforts of member states and the AfCFTA Secretariate are devoted to developing AfCFTA’s inter-state dispute resolution mechanism, and little or nothing is done about the legal framework for resolving cross-border private commercial disputes. This is because most of the trade transactions under AfCFTA would involve private business entities. Their rights need to be protected to ensure certainty and predictability for them.

Proponents of market-based solutions to social injustice argue that environmental, social, and governance integrated investing (‘ESG investing’) has been able to achieve what courts and legislatures worldwide have not: catalyse the rapid disinvestment from extractive industries infamous for human rights abuses. Critiques of ESG investing primarily make predictions about its impact on corporate conducts in the future. Little research exists linking ESG investing to contemporary community struggles for justice over past and continuing harms. Drawing on my work as a paralegal for the South African social movement Mining Affected Communities United in Action (MACUA), and specifically my efforts supporting the Phola Community in its claims against multinational mining giant South32, I argue that ESG investing may decrease the likelihood that communities who have suffered due to corporate misconduct will have their livelihoods and homes restored or receive comparable redress.

Paper V of the African Sovereign Debt Justice Network Paper Series

The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.