Financialization has become a popular concept across the social sciences, usually defined as the increasing role of financial motives, financial markets, financial actors, and financial institutions in the operation of the domestic and international economies. Financialization researchers highlight the detrimental consequences of an excessively large and powerful financial sector on economy and society. In South Africa, financialization has been shaped by its colonial and apartheid past, especially the strong links of South African corporations and banks to the international financial centre of London. Low growth and investment, an outcome of the finance-led accumulation regime, have also resulted in the continuity of extreme inequality and high levels of unemployment. In the Global South, financialization mainly affects emerging economies since they possess relatively developed financial markets in comparison to poorer countries. South Africa is the only African economy for which there is a substantial financialization literature. In comparison to other emerging economies, South Africa is relatively strongly financialized as stock market capitalization is extremely high, making Johannesburg one of the top financial centres in the Global South. Furthermore, financial inflows into the country are comparatively large, JSE-listed companies are well integrated into global value chains and household debt is high.