3 - Gatekeeper States and Offshore Capitalism

Summary

Chapter 3 revisits the Cold War Scramble for Africa. Throughout the continent, the ‘concession model of extraction’ – the renting out of land to foreign corporations in exchange for royalties – was based on the early emergence of mining giants in South Africa. The concession model was not dismantled following independence. Gatekeeping politics were consolidated through the alternate paths taken by London and Paris. France incorporated its former colonies within a ‘post-colonial block’. Britain reconverted as a dual middle power – with London as jurisdictional apex and the City as financial powerhouse. The Cold War sidelining of The Hague justice institutions enabled the deployment of the US Cultural Cold War, based on the formidable sway of the alliance of Wall Street resources – finance, arbitration and corporate law firms – which contributed to the insulation of foreign corporate rights in property in resource-rich African states from national and international oversight.