Papers

Official capital helps African states endure. Affective capital helps African households survive. Portfolio capital prices Africa without building it. Corporate capital builds, and it has not come.

Marx is the demanding place to begin, and the least read. In his account capital is not a thing but a social relation between persons, mediated through things. A machine’s steel says nothing about who owns it, who works it and who takes the surplus. Those relations are what the machine means.

The harder question, seventeen years on, is what any money, from any sender, requires of the economy that receives it. Changing the money's supplier does not, by itself, change what the money asks of the economy. Her remedies were never tested against that standard. This paper puts them to it.