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Macroeconomics in Post-Apartheid South Africa: Real Growth versus Financial Stability

In: Seeking Growth Under Financial Volatility

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  • Stephen Gelb

Abstract

At the time of South Africa’s transition to democracy, marked by the election of the African National Congress led by Nelson Mandela in April 1994, the new government was faced with formidable challenges. Apartheid’s legacy was extremely high levels of poverty and income inequality, as well as an economic power totally concentrated within the white population. The economy had been in long-term decline for over twenty years, and had experienced more than a decade of substantial economic isolation, resulting from politically-linked sanctions on trade and investment and exclusion from global capital markets. But democratization made global reintegration possible.

Suggested Citation

  • Stephen Gelb, 2006. "Macroeconomics in Post-Apartheid South Africa: Real Growth versus Financial Stability," Palgrave Macmillan Books, in: Ricardo Ffrench-Davis (ed.), Seeking Growth Under Financial Volatility, chapter 6, pages 184-218, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52303-6_6
    DOI: 10.1057/9780230523036_6
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    Cited by:

    1. Ricardo Ffrench-Davis, 2008. "From Financieristic To Real Macroeconomics: Seeking Development Convergence In Ees," Working Papers wp272, University of Chile, Department of Economics.

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