The political economy of soft power: South Africa’s neo-liberal order and multinational corporations’ attraction in Africa

ABSTRACT In recent times, the concept of soft power has emerged as one of the most important terms in international relations. It has been applied to various aspects of statecraft from democracy promotion to peace-making, cultural diplomacy, economic diplomacy, counter-terrorism and disaster management, to name but a few. However, there is a dearth of literature on the political economy of soft power. Given that economic interests substantially drive states’ foreign policies, it is surprising that this aspect of states’ power of attraction has been neglected. It is against this backdrop that this article examines the political economy of soft power focusing on South Africa. In doing so, it engages South Africa’s neo-liberal order and the influx of its multinational companies in Africa and submits that despite the criticism it encounters in this regard, Pretoria has exercised soft power within the purview of political economy.