The article is about the historical activities of two remarkable men during the last quarter of the nineteenth century who were based in South America and Southern Africa. These men, W.R. Grace and C.J. Rhodes, are compared and contrasted against the background of the developments and changes in late nineteenth century capitalism. In their early years before they died in 1902 and 1904, both men struggled in failing agrarian economic operations and were essentially financially hard pressed with the speculative financing fuelled by the developing monopoly mining economy, both prospered through wheeling and dealing and through activating their links with big financiers, chiefly those in Britain and the United States. In this way Grace was able to consolidate his W.R. Grace and Co. in the 1860s and gained access to the speculative Peruvian Corporation in the late 1880s. Over the same period, and through similar questionable means, Rhodes was able to consolidate diamond and gold interests into the formidable De Beers Consolidated Ltd., the Consolidated Goldfields of South Africa, and the infamous British South Chartered Company - which misruled much of Central Africa for the political and economic interests of Rhodes and his supporters. During their life time, and long afterwards, both men's legacies had an enduring impact on the political economy of South America and Southern Africa, especially - Peru, Southern and Northern Rhodesia. In fact their deeds still has a bearing on present day political and economic discourse. The main point emphasised throughout is that the working of late nineteenth century capitalism, particularly the financial aspects personified in Grace and Rhodes, cannot be underestimated in comprehending the political economy of the modern successor states of Peru and Zambia. The conclusion being that even the triumphal populist nationalism of the 1960s could not sweep aside this legacy.
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