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1 results

  • Financing white rule: How Luxembourg became a banker for the Belgian Congo and Apartheid South Africa

  • Samuel Weeks
  • Journal:
    Finance and Society / Volume 10 / Issue 3 / December 2024
    Published online by Cambridge University Press:
    15 November 2024, pp. 234-250
    • Article
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  • In this article, I offer a historical analysis of how bankers in Luxembourg came to be important service providers to borrowers in the Belgian Congo and Apartheid South Africa. I demonstrate how a series of unique political and cultural factors linking Luxembourg and these two (neo)colonial regimes account for the financial activities that developed between the three jurisdictions. As such, I show that officials in the Belgian Congo and Apartheid South Africa were able to count on their Luxembourg-based bankers for a variety of finance-related services, including the provision of Eurocurrency loans and the formation of offshore companies. In doing so, the article contributes to a body of literature in the social sciences of finance that has grown significantly in recent years: on the imperial and neocolonial basis of the contemporary global financial system.