Emerging powers, state capitalism and the oil sector in Africa

Abstract

The global development landscape is rapidly changing with the acceleration of the economies of emerging countries and this has important implications for sub-Saharan Africa (SSA). Notably, these emerging partners share a broad comparative advantage in their outward engagement. They are able to access large pools of finance and capital reserves and they also uphold a version of the Developmental State Model that encourages a statist approach to business. This state capitalism is increasingly coming to the fore, particularly in the aftermath of the global financial crisis and the evident intellectual collapse of neoliberalism as a sustainable economic model.