This collection is a bold attempt to provide a coherent framing to a fledgling idea. As an aspirational ideology from a leading African businessman, Tony Elumelu, of how business in Africa ought to be practiced, Africapitalism is open to varying interpretations and critiques. It is not surprising then that Elumelu, in his foreword to the volume, defines the term he coined as both an economic philosophy and a concept that calls for a new kind of, and approach to, capitalism. Each of the eleven chapters therefore takes considerable space to define what it is and how it relates to associated business theories and practices. All the chapters are guided by what one of its editors postulates as four cardinal values of Africapitalism: a sense of progress and prosperity; a sense of parity; a sense of peace and harmony; and a sense of place and belonging. They also embrace Africapitalism's central developmental role for the private sector in realizing these values.

As such, each chapter stands alone and can be read independently. Readers interested in the long-standing debates on meanings and effects of capitalism will find the introductory and second chapters invigorating. The editors acknowledge that the history of capitalism in Africa, and business history for that matter, has been characterized as one of domination by foreign entities and adaptation and resistance by local entities. For them, Africapitalism is a nascent idea based on an economic philosophy that aims to rectify the negative legacy of domination that has made it impossible for capitalism and business to effect sustainable and equitable development in Africa. Since Africapitalism provides a possible reimagination of what capitalism could positively do to African development when its alternative business models and management tools are adopted, they present it as an ideal worth pursuing.

In chapter 3, George Ferns, Adun Okupe, and Kenneth Amaeshi underscore the role of business elites in this reimagination and legitimization of capitalism. It does so by comparing and contrasting Elumelu's Africapitalism to three kindred economic philosophies—conscious capitalism, sustainable capitalism, and inclusive capitalism—and their associated economic elites. Although all share the desire to unleash capitalism positively, they differ in their geographical emphasis, business approach, and authoritative voice. In the case of Africapitalism, the authors observe that “it only occasionally draws from African authorities (e.g., Rwanda's president Paul Kagame or the African Development Bank); preferring instead internationally renowned non-African figures such as the World Bank, Monitor Group, The Economist, or the Harvard professor Michael Porter” (p. 61). To redress this, they propose to “walk the talk” in the sense that “an Africapitalism needs African examples, including African researchers, thinkers and entrepreneurs to lead the way” (pp. 64–65).

In chapter 4, Emmanuel Adegbite, Franklin Nakpodia, Konan Anderson Seny Kan, and Olorunfemi Onakoya provide examples of how corporate governance generally operates in the context of Africa. This is characterized by, among other things, weak corporate disclosure and transparency; weak board independence in African firms; and absence of large local institutional shareholders where large foreign ones are present. To address this, the authors propose an Africapitalist corporate governance model based on the four cardinal values of Africapitalism. An example that they provide—of how Ubuntu philosophy may have improved the corporate culture of South Africa in this regard—offers a glimpse of how Africapitalist corporate governance may pan out. However, the model reads like a wish list as its success partly depends on the willingness of directors to embrace Africapitalism and partly on the purported “cultural support and legitimacy it draws from African society, norms and value systems” (p. 89).

Ubuntu philosophy is a key feature in chapter 5, where Aminu Mamman, Ken Kamoche, and Hamza B. Zakaria show how it can shape human capital in the context of Africapitalism. They list a number of underlying characteristics of Ubuntu, such as humanness, fairness, compassion, and interconnectedness, arguing that they “equally apply to Africapitalism” (p. 105). Drawing from these characteristics and the four cardinal values of Africapitalism, the authors present their potential implications for African human capital development. One prospective implication is that the “notion of communal knowledge and skills should be integrated in the educational and vocational system” (p. 122). These skills and knowledge would be used to operationalize the notion on social wealth and eliminate inequality in human capital development.

A reader who is interested in the concept of corporate social responsibility (CSR) and corporate branding will find chapter 6 refreshing with its vivid examples of Africapitalism as a corporate brand. Olutayo Otubanjo introduces a framework for how managers can consciously introduce the four cardinal values of Africapitalism in firms through corporate advocacy advertising, corporate cobranding, corporate green branding identity, and corporate brand loyalty, respectively. Similarly, in chapter 7, Okupe and Amaeshi introduce a two-prong framework for how leaders of the private sector can use Africapitalism's four cardinal values to ensure sustainable development through business. This framework is based on transformational and responsible leadership in which an Africapitalist needs to be trustworthy, adaptable, and able to form strong leadership with other leaders; to create platforms for collective action; and to focus on current and long-term requirements of society.

Social entrepreneurship is another concept linked to Africapitalism. In chapter 8, Diane Holt and David Littlewood show how mission-driven firms exhibit the four cardinal values of Africapitalism in their social entrepreneurship ventures. This augurs well with chapter 9, in which Amon Chizema and Nceku Nyathi focus on responsible and sustainable investments in their evaluation of the social-economic and environmental impacts of Chinese foreign direct investments (FDIs) in Africa. It also resonates with chapter 10, in which Lyal White and Adrian Kitimbo present the apparent success story of Andrew Rugaisa, an African entrepreneur who seems to have partly transformed the value chain of the coffee business in Africa in line with Africapitalism.

Finally, chapter 11 provides a critical and balanced overview of Africapitalism in relation to ideologies that have a historical affinity to Ubuntu and have been critical of capitalism: that is, African socialism, pan-Africanism, and African humanism. It is a fitting concluding chapter as author Stella M. Nkomo also proposes eleven steps toward decolonization of management education to effect Africapitalism. Overall, the book is a welcome addition to the literature on varieties of capitalism and business management. It contains detailed literature reviews and useful suggestions for further research. It will thus attract the interest of various readers, ranging from entrepreneurs to scholars.