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Sample text

ST. THOMAS UNIVERSITY ZHEJIANG WANLI UNIVERSITY Africa AS ONE OF THE last parts of the world to strive for an advanced capitalist economy, Africa was also one of the last to develop a significant international business elite. Until the wave of decolonization following World War II, the countries of Africa were more often the victims of corporate and government malfeasance, and mismanagement by countries outside of the continent. Only recently have these countries, especially South Africa, faced the challenge of holding the reins on economic crimes in times of political transition and economic globalization.

Slavery was outlawed by nearly every Western country by the 19th century and many expected that Africa would follow suit. When this proved not to be the case, imperial powers cited the continuation of slavery as a moral pretext for greater control by paternalistic, economically advanced countries. In the late 19th century, nearly all of Africa was carved up by European powers into spheres of colonial rule. The cooperation of African leaders was assured through the financial and political incentives, often thinly disguised bribery.

The local elites saw this as tradition not as bribery, but through Western eyes it fits the definition of white-collar crime. West Africa became firmly linked to the nascent global economy in the late 16th and early 17th centuries with the advent of the Atlantic slave trade. The trade originated with the Portuguese, who sent government-backed missions to Africa to procure gold for trade with Asia. Once the other Europeans learned of the market for slaves, competition increased and a number of joint-stock companies, notably the Dutch West India Company (WIC), based their existence on the profits from the triangular trade between Africa, Europe, and the Americas.

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