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When did South African Markets Integrate into the Global Economy?

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  • W.H. Boshoff
  • J. Fourie

Abstract

This research note identifies the period when South African prices began to move in unison with those of the country's lead trading partner. We find that South African wheat prices started reflecting UK trends soon after the discovery of diamonds and gold in the interior of the country. The mineral revolution, it seems, was responsible for integrating the broader South African economy - here proxied by agricultural prices - into the global economy. We further show that this integration was not confined to Cape Town; the coming of the railways ensured that markets in the larger Western and Eastern Cape and, importantly, the town of Kimberley, were well integrated with those in Cape Town. We therefore establish the start of South Africa's integration into the global market economy in the 1870s.

Suggested Citation

  • W.H. Boshoff & J. Fourie, 2017. "When did South African Markets Integrate into the Global Economy?," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 41(1), pages 19-32, April.
    • Handle: RePEc:taf:rseexx:v:41:y:2017:i:1:p:19-32
    DOI: 10.1080/10800379.2017.12097306
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    Cited by:

    1. Jeanne Cilliers & Johan Fourie, 2017. "Social mobility during South Africa’s industrial take-off," Working Papers 04/2017, Stellenbosch University, Department of Economics.
    2. Abel Gwaindepi & Johan Fourie, 2020. "Public Sector Growth in the British Cape Colony: Evidence From New Data on Expenditure and Foreign Debt, 1830‐1910," South African Journal of Economics, Economic Society of South Africa, vol. 88(3), pages 341-367, September.
    3. Iglesias, Emma M., 2022. "The influence of extreme events such as Brexit and Covid-19 on equity markets," Journal of Policy Modeling, Elsevier, vol. 44(2), pages 418-430.

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