Africa: Exclusion and the Containment of Anarchy

  • Ankie Hoogvelt


We have argued that with globalisation the world capitalist system has reached a new and higher level of integration. It has, in the words of Peter Drucker, become a ‘transnational economy, one that is shaped and driven, not by production and trade, but by money flows’. These money flows he calls ‘the symbol economy’.1 The symbol economy has its own dynamics and is not determined by the real economy. However, as mentioned before, the connections between the world of high finance and the fundamentals of world trade and production are not completely severed (see p. 129). The electronic integration of the world’s financial markets and the development of a whole range of novel financial instruments, permitted since the deregulation of these markets, have made it possible to connect up the arteries of real production and trade, and thus squeeze workers and peasants all over the world for their last drop of surplus in a manner that makes invisible, and therefore unchallengeable, the innumerable threads that lead to the pension funds, the share prices and the bank accounts in the core of the world system.


Structural Adjustment Debt Crisis Structural Adjustment Programme Debtor Country Core Country 
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Notes and References

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© Ankie Hoogvelt 1997

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  • Ankie Hoogvelt

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