Change of pace: South Africa's economic revival

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Witwatersrand University Press, 2003 - Business & Economics - 296 pages
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After winning South Africa's first democratic election in April 1994, the African National Congress did not follow a populist policy of nationalizing mines and banks, increasing taxation and spending heavily on the poor. Instead, it followed a more restrained economic policy, which was in many ways an extension of the reforms tentatively initiated by the previous government. After nearly a decade, the country's economic performance has not yet lived up to the expectations raised in this process. It is not only an underperforming economy, but concerns about resulting lack of progress in the social sphere are being expressed. Is South Africa's economic performance that bad, or do the initiated reforms promise greater success in the future? In this book, Bruggemans examines the structural dimensions of South Africa's economy, showing that a great deal of reform has already been achieved that can be expected to bear fruit in the furture. He argues that the next growth phase should outperform any other period in our modern epoch, measured in per capita growth, the general upliftment of the broader population and its general sense of well-being. The impact of this should put South Africa back on the road to strong economic performance, which will ultimately underpin the social changes that are required for the political viability of its society.

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Contents

A Modernising Economy
16
Contrasting Black and White Consumer Confidence
30
The Inheritance at Democracy 1994
44
Copyright

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achieved activity affirmative action African Union Afrikaans Alan Greenspan Anglo-Boer War annually apartheid Argentina Asian Australia average balance of payments behaviour Black budget budget deficit business cycle capital account constraint capital deepening Chapter come competition condition Consumer Confidence Index currency currency market current account current account deficit decades deepening deficit demand deregulation domestic Durban economic performance economies of scale effectively efficient emigration employment Eskom exchange control exchange rate expected export factors of production faster economic growth favour financial rand fiscal policy fixed investment foreign capital foreign direct investment foreign reserves formal formal sector future gains Gauteng GDP growth Gear global globalisation gorilla greater higher HIV-prevalence HIV/Aids However human capital hyperinflation impact import import substitution import tariffs Impossible Trinity inclusive democracy income income distribution Income Quintiles increase industrial industrialisation inflation inflation targeting inflows influx control informal sector information technology infrastructure interest rates jobless growth Khoikhoi KwaZulu-Natal labour force labour market labour unions Latin America less maize micro-economic million modern monetary policy Moore's Law Nepad Nguni Opinion archives organised pandemic parastatals per capita income period platinum group political population groups potential privatisation productivity growth public sector rand depreciation real GDP real interest rates real wage reduced reform remain Richards Bay risk aversion risk perceptions Rustenburg SARB sector skilled labour social delivery South Africa spending Statistics South Africa steadily Stellenbosch structural surplus labour Telkom Thabo Mbeki Tito Mboweni trade Transnet trekboers ubuntu underground economy unemployed unemployment urbanisation wage Weekly Comment archives Western Cape White White nationalist Xhosa Zimbabwe

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