Capital Accumulation and Macro Policy in South Africa: Political Instability, Distributive Conflict, and Economic Institutions
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.
|Date of creation:||2002|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (413) 545-6355
Fax: (413) 545-2921
Web page: http://www.peri.umass.edu/
More information through EDIRC
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.:
- Fielding, David, 2002.
"Human rights, political instability and investment in south Africa: a note,"
Journal of Development Economics,
Elsevier, vol. 67(1), pages 173-180, February.
- David Fielding, 2001. "Human rights, political instability and investment in South Africa: a note," CSAE Working Paper Series 2001-04, Centre for the Study of African Economies, University of Oxford.
- Glyn, Andrew, 1997.
"Does Aggregate Profitability Really Matter?,"
Cambridge Journal of Economics,
Oxford University Press, vol. 21(5), pages 593-619, September.
- Alberto Alesina & Roberto Perotti, 1993.
"Income Distribution, Political Instability, and Investment,"
NBER Working Papers
4486, National Bureau of Economic Research, Inc.
- Alesina, Alberto & Perotti, Roberto, 1996. "Income distribution, political instability, and investment," European Economic Review, Elsevier, vol. 40(6), pages 1203-1228, June.
- repec:cup:cbooks:9780521794497 is not listed on IDEAS
- 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.
- Perotti, Roberto & Alesina, Alberto, 1996. "Income Distribution, Political Instability, and Investment," Scholarly Articles 4553018, Harvard University Department of Economics.
- 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.
- 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.
- repec:cup:cbooks:9780521583299 is not listed on IDEAS
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 references are entirely missing, you can add them using this form.