Following the termination of apartheid, several of the most substantial South African mining enterprises relocated their headquarters to London and New York. Consequently, their assets are listed on the London Stock Exchange and the New York Stock Exchange, rather than the Johannesburg Stock Exchange (JSE). However, this study presents a critical and historical analysis of the JSE’s origins, rather than focusing on the relocation of its shares and headquarters to the West. Thus, Lukasiewicz conducted a comprehensive analysis of the origins of the JSE, British imperialism, and the South African War of 1899–1902 in his seminal book, entitled Gold, Finance and Imperialism in South Africa, 1887–1902: A View from the Stock Exchange. The author’s experiences during his formative years in the South African Republic (ZAR), where he was witness to a significant political transition provides a fascinating backdrop to the narrative. The book demonstrates the significance of the discovery of gold in 1886 in the formation of a city like Johannesburg and the evolution of state-business relations in ZAR from the inception of the JSE in November 1887. The growth of Johannesburg played a pivotal role in the country’s early industrialization by facilitating the influx of capital and the establishment of international networks. Indeed, the book’s primary theoretical framework is predicated on the interconnection between finance and imperialism. It also exposes the racial dynamics inherent in the mining sector and its integration into the global economy through European and English-speaking investor participation.

The book offers a broad framework for the analysis of the competition between the Afrikaner governing elite and European-originated capitalists in Johannesburg. The author suggests that the financial investors in Johannesburg “leverage the stock exchange’s nodal status to interfere in the local, regional and imperial politics of late nineteenth century southern Africa” (9). The book is divided into six sections, in addition to an introduction and a conclusion. The author systematically defines the terms pertaining to ethnicity, politics and currency in a section prior to the Introduction. The author has drawn upon a substantial array of original documents from financial and business-related institutions in Johannesburg and Europe and newspapers, which involves archival research in many countries.

Evidence presented in Chapter Two demonstrates that the JSE was not the first stock market in the Southern African region. Indeed, extant records indicate the presence of both public and private financial intermediaries in the Cape Colony and Natal, such as the Kimberley Stock Exchange. Following the discovery of diamonds, the spread of industrial and financial capitalism into the interior regions of the ZAR accelerated, with Kimberley serving as the epicentre of this expansion. Nevertheless, the discovery of gold in Witwatersrand occurred shortly after the adoption of the gold standard, a development that proved advantageous for the rapidly expanding city of Johannesburg towards the close of the nineteenth century. The decision to accede to membership of the JSE was an attractive one for foreign investors as the requirements were less onerous than those of other stock exchanges worldwide. The third chapter provides a response to the question of how Johannesburg came to be regarded as a target for investors seeking to establish themselves in the nascent gold mining industry, facilitated by the less regulated JSE in 1887. This chapter draws parallels between the internal structures of the LSE and JSE, highlighting the regulatory framework, administrative mechanisms, and membership characteristics that govern their respective operations.

The subject of Chapter Four is the relationship between the JSE and the Chamber of Mines during the period of political uncertainty that ZAR experienced during the the South African War of 1899–1902. The evidence presented indicates the existence of a natural connection between the JSE and the Chamber since the late 1880s, extending beyond mere economic concerns to encompass political matters as well. For instance, an alliance was forged between the mining sector, imperialists from the UK and the press against the Kruger administration. The fifth chapter offers an examination of the alliance between the mining industry and international finance in Johannesburg, London, and Paris. In this chapter, the author presents a thorough response to the question of how deep-level mining has impacted the investment strategies of major mining enterprises. This response is supported by evidence from the JSE’s internal records. As demonstrated in the chapter, the internationalization of the ZAR shares was precipitated by the expansion of deep-level mining in the Witwatersrand area. The sixth chapter provides an analysis of the political and financial context of the JSE in the Southern African region, with a detailed discussion of the Jameson Raid. This chapter delivers an evaluation of the failure of the Jameson Raid and the subsequent resignation of Cecil Rhodes as Prime Minister of the Cape Colony at the beginning of 1896. The seventh chapter is devoted to an examination of the social, economic, and political position of the JSE in the period preceding the war, as well as the level of support among its members for the British invasion. Furthermore, it supplies documentation pertaining to the imperial connections between Cape Town, Johannesburg, and London.

The book’s main strength lies in its comprehensive use of data sources and archival research, as well as its theoretical framework, which is based on the nexus between finance and imperialism during the late nineteenth century. The book demonstrates the significance of the JSE in its role as a catalyst for the convergence of imperialism, finance capitalism, and the establishment of a settler colony with Afrikaners in Southern Africa.