Advanced Search
MyIDEAS: Login

Capital Accumulation and Macro Policy in South Africa: Political Instability, Distributive Conflict, and Economic Institutions

Contents:

Author Info

  • James Heintz
Registered author(s):

    Abstract

    This paper explores the institutional factors behind the crisis of capital accumulation in South Africa in the 1970s and 1980s. Because of its focus on institutional stability, the paper contributes to the literature on the existence of an apartheid social structure of accumulation in which economic and political institutions are important determinants of investment. Investment function estimates show that political instability accounted for most of the fall in the rate of accumulation, independent of distributive outcomes, such as the level of profitability. Based on these findings, the paper argues that tensions between political stability, democratic reforms, and distributive outcomes prompted the adoption of market-oriented macroeconomic policies in the post-apartheid era that have so far failed to move the economy away from the low rates of accumulation characteristic of recent decades.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.peri.umass.edu/fileadmin/pdf/WP29.pdf
    Our checks indicate that this address may not be valid because: 404 Not Found. If this is indeed the case, please notify (Judy Fogg)
    Download Restriction: no

    Bibliographic Info

    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp29.

    as in new window
    Length:
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:uma:periwp:wp29

    Contact details of provider:
    Postal: 418 N Pleasant St, Amherst MA 01002
    Phone: (413) 545-6355
    Fax: (413) 545-2921
    Email:
    Web page: http://www.peri.umass.edu/
    More information through EDIRC

    Related research

    Keywords: investment; South Africa; political instability; social structure of accumulation;

    This paper has been announced in the following NEP Reports:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Wintrobe,Ronald, 2000. "The Political Economy of Dictatorship," Cambridge Books, Cambridge University Press, number 9780521794497, October.
    2. David Fielding, 2001. "Human Rights, political instability and investment in South Africa: a note," Economics Series Working Papers WPS/2001-04, University of Oxford, Department of Economics.
    3. Glyn, Andrew, 1997. "Does Aggregate Profitability Really Matter?," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 593-619, September.
    4. Perotti, Roberto & Alesina, Alberto, 1996. "Income Distribution, Political Instability, and Investment," Scholarly Articles 4553018, Harvard University Department of Economics.
    5. repec:fth:oxesaf:2001-4 is not listed on IDEAS
    6. G. P. C. De Kock, 1978. "Central Banking and Financial Markets in South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 46(3), pages 135-143, 09.
    7. Alesina, Alberto & Perotti, Roberto, 1996. "Income distribution, political instability, and investment," European Economic Review, Elsevier, vol. 40(6), pages 1203-1228, June.
    8. Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
    9. Glyn, A. & Hughes, A. & Lipietz, A. & Singh, A., 1988. "The Rise And Fall Of The Golden Age," Cambridge Working Papers in Economics 884, Faculty of Economics, University of Cambridge.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Gerald Epstein, 2002. "Employment-Oriented Central Bank Policy in an Integrated World Economy: A Reform Proposal for South Africa," Working Papers wp39, Political Economy Research Institute, University of Massachusetts at Amherst.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:uma:periwp:wp29. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Judy Fogg).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.