From proprietorship, public companies to pyramid ownership and control: The evolution of the Financialisation of the South African Economy

The significance of South Africa’s capital markets in the economy is substantial. The country’s stock market is valued at twice the value of output as measured by the Gross Domestic Product. It is also larger than the bourses of Mexico, Indonesia and Turkey, whose economies are slightly larger than South Africa (Hassan, 2013). But how did this happen in an economy down in the South of the African continent and far away from the dynamic and diversified economies of the east, north and west?