As for capital mobility: the theory states that the capital from one dying industry will shift automatically to other, more competitive ones. But if capital is fixed, in the form of a machine, for example, it is usually too specialised to be used in another industry, so it sits languishing until someone sells it off – like the shuttered factories that stand like empty giants on the outskirts of Manzini. And if the capital is liquid, there’s no guarantee that it will stay in the country when it could just as easily move abroad. Indeed, that’s what happened in Swaziland when textile investors
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