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EABH, 2024

Join Mariusz Lukasiewicz (Leipzig) and Carmen Hofmann (eabh) as they delve into the history of th... more Join Mariusz Lukasiewicz (Leipzig) and Carmen Hofmann (eabh) as they delve into the history of the Johannesburg Stock Exchange, a mirror reflecting the broader history of South Africa. Discover the captivating story of industrialization, internationalization, and financialization through the eras of Empire and independence. This tale of financing gold, diamond, and copper mining in the past offers valuable insights into the current state of South African mining finance.

Papers by Mariusz Lukasiewicz

Historia , 2024

This article documents and analyses the South African Republic (ZAR)’s participation in the 1889 ... more This article documents and analyses the South African Republic (ZAR)’s participation in the 1889 Paris Exposition Universelle. Celebrating a century of the French Revolution and industrial development, the ZAR’s presence as an official exhibitor served as an information hub for furthering commercial and diplomatic interests in South Africa in an increasingly Anglo-German-Portuguese dominated imperial sphere. Initiated and coordinated by the French Consulate in Pretoria as a timely opportunity to alleviate the industrial uncertainties faced by Johannesburg’s mining complex, the ZAR’s participation as part of the Colonial Exhibition served as a propaganda tool for settler colonialism and the subjugation of non-Western societies. Situated among dehumanising ‘ethnographic villages’, the ZAR’s pavilion supported France’s vision of republicanism, industrialisation and racialisation at the height of the Scramble for Africa. Viewing the 1889 Paris Exposition Universelle as a major trade and information hub for industry, ethnography and imperial politics, this article analyses the ZAR’s diplomatic attempt to portray itself as a prosperous settler republic aspiring to become the world leader in the goldmining industry. As an important feature of the exhibition, the ZAR was presented as a French republican partner and symbol of colonial collaboration between a European settler society and African economies.

Zeitschrift für Unternehmensgeschichte, 2022

Given the relative scarcity of capital and the small volume of savings in most African economies ... more Given the relative scarcity of capital and the small volume of savings in most African economies at independence, the establishment of stock exchanges and their regulation showed that several countries considered them as strategic financial intermediaries for channelling capital to their national, and even regional, economies. This article examines the Lagos Stock Exchange’s formative years as a political process of Nigeria’s decolonisation and the First Republic. Originally incorporated as a private limited liability company on 15 September 1960, as the first stock exchange in West Africa and the region’s largest economy, the new financial intermediary defined the relationship between the post-independence state and the growing capital market during a period of considerable political and economic changes. The role of the post-independence state and state-owned enterprises in facilitating the trade on the Lagos Stock Exchange broadens the analytical scope of this investigation to identify the sources of Nigeria’s development finance. While significant efforts were taken to grow private individual participation in the share trade and ownership, the early years of the Lagos Stock Exchange were ultimately marked by the dominance of institutional investors such as state-owned enterprises and private commercial banks.

Economic History of Developing Regions, 2021

The 1894/5 Paris boom in South African mining securities set forth the ultimate test of financial... more The 1894/5 Paris boom in South African mining securities set forth the ultimate test of financial resilience for the South African Republic's mining and financial sectors. The financial crash in Paris that halted the international boom in October 1895 exposed the globalized nature of markets for South African mining securities and their impact on colonial politics in Southern Africa. This article reconsiders and qualifies the economic, financial and political connections between South African gold mining and the Parisian capital market for the period 1887-1895. The Paris Bourse and its complimentary coulisse became the new loci of the South African mining market that ultimately crashed after the intervention of Johannesburg's capital elites. Crucially for the future of the South African Republic, the Paris Krach set out the political circumstances for a direct confrontation between Johannesburg's mining capital, British imperialism and President Kruger's republicanism. Exposing new primary material gathered at the Archives Diplomatiques in Paris, the Paribas Group in Paris, the Central Archival Repository in Pretoria and the Johannesburg Stock Exchange in Sandton, this article examines the globalization of South African securities, concluding the investigation with an analysis of the financial and political ramifications of the 1895 Paris Krach.

Social Aims of Finance Rediscovering varieties of credit in financial archives, 2020

This chapter discusses South Africa’s 19th century financial environment by drawing on the archiv... more This chapter discusses South Africa’s 19th century financial environment by drawing on the archives of the Johannesburg Stock Exchange (JSE), the Standard Bank of South Africa, and their partner financial intermediaries in Johannesburg and Europe. The JSE archives, housed at the JSE headquarters in Sandton, Johannesburg constitute a virtually complete set of internal man- agement and member journals of the Exchange, making it the oldest exist- ing repository of stock exchange documents in sub-Saharan Africa. The JSE’s earliest archival documents reveal the development of global financial and political networks between the capital markets of Kimberley, London, Paris and Johannesburg in the Exchange’s formative years. Although the future of record-keeping and archival management in South African financial institu- tions remains uncertain, this chapter provides a survey of Johannesburg’s undervalued archival collections with the aim of promoting greater awareness of South Africa’s financial history during the first age of financial globalization.

Business History , 2019

This article documents the early development of rules and social organisation of Africa's oldest ... more This article documents the early development of rules and social organisation of Africa's oldest existing stock exchange. Founded in November 1887, a year after southern Africa's most significant gold discoveries, the Johannesburg Stock Exchange (JSE) is analysed in the context of an emerging financial institution in a mineral-driven economy. Exposing underutilised primary material from the JSE and partner financial intermediaries , this investigation provides new details on the local, regional and global development of southern Africa's capital market during the first age of financial globalisation. Confronted by an uncertain political environment and stakeholders advocating competing visions of corporate organisation, the first five years tested the JSE's ability to balance the needs of regulation and promoting access to its capital market. The evidence shows that the JSE was not an isolated stock exchange in southern Africa, but an increasingly global institution attracting members and capital from beyond the South African Republic. ABSTRACT This article documents the early development of rules and social organisation of Africa's oldest existing stock exchange. Founded in November 1887, a year after southern Africa's most significant gold discoveries, the Johannesburg Stock Exchange (JSE) is analysed in the context of an emerging financial institution in a mineral-driven economy. Exposing underutilised primary material from the JSE and partner financial intermediaries , this investigation provides new details on the local, regional and global development of southern Africa's capital market during the first age of financial globalisation. Confronted by an uncertain political environment and stakeholders advocating competing visions of corporate organisation, the first five years tested the JSE's ability to balance the needs of regulation and promoting access to its capital market. The evidence shows that the JSE was not an isolated stock exchange in southern Africa, but an increasingly global institution attracting members and capital from beyond the South African Republic.

Despite the emphasis on materialism prompting many debates about the growth of the gold industry ... more Despite the emphasis on materialism prompting many debates about the growth of the gold industry and the outbreak of the South African War in 1899, little research has focused on the nancial institutions of South Africa’s early gold industry. The growth of the Johannesburg Stock Exchange (JSE) is woven interchangeably with that of Witwatersrand’s gold industry. This article investigates why and how the Exchange came into existence, and its early interaction with southern Africa’s gold-mining revolution. Using original documentation from the JSE and its landlord, the Johannesburg Estate Company, the article juxtaposes accounts of the London Stock Exchange, with South African nancial developments in the last quarter of the 19th century. It describes the intentional deregulation of stock exchange listing requirements that led to the establishment of the JSE. In addition, the article outlines the JSE’s organisational developments by quantifying and qualifying trends in membership numbers up until the end of the rst ‘Golden Boom’ of 1890. The early institutional growth of the Exchange can be seen as a balancing of organisational power between the Exchange’s landowner, Barney Barnato’s Johannesburg Estate Company, and JSE members.

Thesis Chapters by Mariusz Lukasiewicz

Book Reviews by Mariusz Lukasiewicz

Conference Presentations by Mariusz Lukasiewicz

Books by Mariusz Lukasiewicz

This book provides a unique account of the financial and political history of the South African W... more This book provides a unique account of the financial and political history of the South African War by analysing the organisation and operations of the Johannesburg Stock Exchange (JSE), the oldest existing stock exchange in the African continent. Identifying the JSE as the nexus between international finance, South African gold mining and British imperialism, the book exposes the financial and political connections between Johannesburg, Pretoria, London, and Paris during the final stage of the imperial ‘scramble for southern Africa.’ Gold mining presented the South African Republic (ZAR) and the whole southern African regional economy with a long-term economic future and new prospects of industrialisation. However, this socio-economic transformation was dependent on extensive capital investments and the institutionalisation of a coercive labour regime based on racial discrimination. This monograph provides the first empirical examination of how international finance, imperial politics, and racialised industrial relations became entrenched in a key financial intermediary in colonial South Africa - first in Kimberley in the Cape Colony, and then in Johannesburg in the ZAR. By studying the Johannesburg capital market’s social microstructures, the author demonstrates how colonial and international financial intermediaries underwrote and financed the largest wave of mining investments in Africa prior to the First World War. Filling an important gap in literature on nineteenth-century British imperialism and Anglo-African-Afrikaner relations, this insightful book uses the JSE as a lens to carefully expose the structures and agency of global finance in the outbreak of the South African War, and the making of South Africa as a unified colonial state.

EABH, 2024

Join Mariusz Lukasiewicz (Leipzig) and Carmen Hofmann (eabh) as they delve into the history of th... more Join Mariusz Lukasiewicz (Leipzig) and Carmen Hofmann (eabh) as they delve into the history of the Johannesburg Stock Exchange, a mirror reflecting the broader history of South Africa. Discover the captivating story of industrialization, internationalization, and financialization through the eras of Empire and independence. This tale of financing gold, diamond, and copper mining in the past offers valuable insights into the current state of South African mining finance.

Historia , 2024

This article documents and analyses the South African Republic (ZAR)’s participation in the 1889 ... more This article documents and analyses the South African Republic (ZAR)’s participation in the 1889 Paris Exposition Universelle. Celebrating a century of the French Revolution and industrial development, the ZAR’s presence as an official exhibitor served as an information hub for furthering commercial and diplomatic interests in South Africa in an increasingly Anglo-German-Portuguese dominated imperial sphere. Initiated and coordinated by the French Consulate in Pretoria as a timely opportunity to alleviate the industrial uncertainties faced by Johannesburg’s mining complex, the ZAR’s participation as part of the Colonial Exhibition served as a propaganda tool for settler colonialism and the subjugation of non-Western societies. Situated among dehumanising ‘ethnographic villages’, the ZAR’s pavilion supported France’s vision of republicanism, industrialisation and racialisation at the height of the Scramble for Africa. Viewing the 1889 Paris Exposition Universelle as a major trade and information hub for industry, ethnography and imperial politics, this article analyses the ZAR’s diplomatic attempt to portray itself as a prosperous settler republic aspiring to become the world leader in the goldmining industry. As an important feature of the exhibition, the ZAR was presented as a French republican partner and symbol of colonial collaboration between a European settler society and African economies.

Zeitschrift für Unternehmensgeschichte, 2022

Given the relative scarcity of capital and the small volume of savings in most African economies ... more Given the relative scarcity of capital and the small volume of savings in most African economies at independence, the establishment of stock exchanges and their regulation showed that several countries considered them as strategic financial intermediaries for channelling capital to their national, and even regional, economies. This article examines the Lagos Stock Exchange’s formative years as a political process of Nigeria’s decolonisation and the First Republic. Originally incorporated as a private limited liability company on 15 September 1960, as the first stock exchange in West Africa and the region’s largest economy, the new financial intermediary defined the relationship between the post-independence state and the growing capital market during a period of considerable political and economic changes. The role of the post-independence state and state-owned enterprises in facilitating the trade on the Lagos Stock Exchange broadens the analytical scope of this investigation to identify the sources of Nigeria’s development finance. While significant efforts were taken to grow private individual participation in the share trade and ownership, the early years of the Lagos Stock Exchange were ultimately marked by the dominance of institutional investors such as state-owned enterprises and private commercial banks.

Economic History of Developing Regions, 2021

The 1894/5 Paris boom in South African mining securities set forth the ultimate test of financial... more The 1894/5 Paris boom in South African mining securities set forth the ultimate test of financial resilience for the South African Republic's mining and financial sectors. The financial crash in Paris that halted the international boom in October 1895 exposed the globalized nature of markets for South African mining securities and their impact on colonial politics in Southern Africa. This article reconsiders and qualifies the economic, financial and political connections between South African gold mining and the Parisian capital market for the period 1887-1895. The Paris Bourse and its complimentary coulisse became the new loci of the South African mining market that ultimately crashed after the intervention of Johannesburg's capital elites. Crucially for the future of the South African Republic, the Paris Krach set out the political circumstances for a direct confrontation between Johannesburg's mining capital, British imperialism and President Kruger's republicanism. Exposing new primary material gathered at the Archives Diplomatiques in Paris, the Paribas Group in Paris, the Central Archival Repository in Pretoria and the Johannesburg Stock Exchange in Sandton, this article examines the globalization of South African securities, concluding the investigation with an analysis of the financial and political ramifications of the 1895 Paris Krach.

Social Aims of Finance Rediscovering varieties of credit in financial archives, 2020

This chapter discusses South Africa’s 19th century financial environment by drawing on the archiv... more This chapter discusses South Africa’s 19th century financial environment by drawing on the archives of the Johannesburg Stock Exchange (JSE), the Standard Bank of South Africa, and their partner financial intermediaries in Johannesburg and Europe. The JSE archives, housed at the JSE headquarters in Sandton, Johannesburg constitute a virtually complete set of internal man- agement and member journals of the Exchange, making it the oldest exist- ing repository of stock exchange documents in sub-Saharan Africa. The JSE’s earliest archival documents reveal the development of global financial and political networks between the capital markets of Kimberley, London, Paris and Johannesburg in the Exchange’s formative years. Although the future of record-keeping and archival management in South African financial institu- tions remains uncertain, this chapter provides a survey of Johannesburg’s undervalued archival collections with the aim of promoting greater awareness of South Africa’s financial history during the first age of financial globalization.

Business History , 2019

This article documents the early development of rules and social organisation of Africa's oldest ... more This article documents the early development of rules and social organisation of Africa's oldest existing stock exchange. Founded in November 1887, a year after southern Africa's most significant gold discoveries, the Johannesburg Stock Exchange (JSE) is analysed in the context of an emerging financial institution in a mineral-driven economy. Exposing underutilised primary material from the JSE and partner financial intermediaries , this investigation provides new details on the local, regional and global development of southern Africa's capital market during the first age of financial globalisation. Confronted by an uncertain political environment and stakeholders advocating competing visions of corporate organisation, the first five years tested the JSE's ability to balance the needs of regulation and promoting access to its capital market. The evidence shows that the JSE was not an isolated stock exchange in southern Africa, but an increasingly global institution attracting members and capital from beyond the South African Republic. ABSTRACT This article documents the early development of rules and social organisation of Africa's oldest existing stock exchange. Founded in November 1887, a year after southern Africa's most significant gold discoveries, the Johannesburg Stock Exchange (JSE) is analysed in the context of an emerging financial institution in a mineral-driven economy. Exposing underutilised primary material from the JSE and partner financial intermediaries , this investigation provides new details on the local, regional and global development of southern Africa's capital market during the first age of financial globalisation. Confronted by an uncertain political environment and stakeholders advocating competing visions of corporate organisation, the first five years tested the JSE's ability to balance the needs of regulation and promoting access to its capital market. The evidence shows that the JSE was not an isolated stock exchange in southern Africa, but an increasingly global institution attracting members and capital from beyond the South African Republic.

Despite the emphasis on materialism prompting many debates about the growth of the gold industry ... more Despite the emphasis on materialism prompting many debates about the growth of the gold industry and the outbreak of the South African War in 1899, little research has focused on the nancial institutions of South Africa’s early gold industry. The growth of the Johannesburg Stock Exchange (JSE) is woven interchangeably with that of Witwatersrand’s gold industry. This article investigates why and how the Exchange came into existence, and its early interaction with southern Africa’s gold-mining revolution. Using original documentation from the JSE and its landlord, the Johannesburg Estate Company, the article juxtaposes accounts of the London Stock Exchange, with South African nancial developments in the last quarter of the 19th century. It describes the intentional deregulation of stock exchange listing requirements that led to the establishment of the JSE. In addition, the article outlines the JSE’s organisational developments by quantifying and qualifying trends in membership numbers up until the end of the rst ‘Golden Boom’ of 1890. The early institutional growth of the Exchange can be seen as a balancing of organisational power between the Exchange’s landowner, Barney Barnato’s Johannesburg Estate Company, and JSE members.

This book provides a unique account of the financial and political history of the South African W... more This book provides a unique account of the financial and political history of the South African War by analysing the organisation and operations of the Johannesburg Stock Exchange (JSE), the oldest existing stock exchange in the African continent. Identifying the JSE as the nexus between international finance, South African gold mining and British imperialism, the book exposes the financial and political connections between Johannesburg, Pretoria, London, and Paris during the final stage of the imperial ‘scramble for southern Africa.’ Gold mining presented the South African Republic (ZAR) and the whole southern African regional economy with a long-term economic future and new prospects of industrialisation. However, this socio-economic transformation was dependent on extensive capital investments and the institutionalisation of a coercive labour regime based on racial discrimination. This monograph provides the first empirical examination of how international finance, imperial politics, and racialised industrial relations became entrenched in a key financial intermediary in colonial South Africa - first in Kimberley in the Cape Colony, and then in Johannesburg in the ZAR. By studying the Johannesburg capital market’s social microstructures, the author demonstrates how colonial and international financial intermediaries underwrote and financed the largest wave of mining investments in Africa prior to the First World War. Filling an important gap in literature on nineteenth-century British imperialism and Anglo-African-Afrikaner relations, this insightful book uses the JSE as a lens to carefully expose the structures and agency of global finance in the outbreak of the South African War, and the making of South Africa as a unified colonial state.