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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Economic Restructuring in South Africa: The Debate Continues
Author:Nattrass, Nicoli J.ISNI
Year:1994
Periodical:Journal of Southern African Studies
Volume:20
Issue:4
Period:December
Pages:517-531
Language:English
Geographic term:South Africa
Subjects:economic policy
Economics and Trade
Politics and Government
Development and Technology
External link:https://www.jstor.org/stable/2636970
Abstract:This paper explores the issue of economic restructuring in South Africa by means of a critical overview of recent work in the policy arena. Two major research initiatives in the democratic movement have provided greater content to the notion of restructuring. These are the COSATU-aligned Industrial Strategy Project (ISP), and the Macroeconomic Research Group (MERG). Despite some differences in emphasis, there is much similarity between the two approaches. This paper critiques aspects of MERG/ISP restructuring as outlined in the MERG report (1993) and in ISP summary documents (1993, 1994). As such, it is both an overview and a contribution to the ongoing economic debate. Specific attention is paid to policies such as higher wages, intervention in the capital market and to the problem of business confidence. The paper goes on to explore the idea of 'embedded autonomy', and to argue that greater attention needs to be paid to the institutional aspects of interventionist policy proposals. The paper is followed by a rejoinder, from the perspective of the ISP, to the author's critique of the ISP programme, by Raphael Kaplinsky (p. 533-537), and a response by John Sender, an economist involved in MERG, to the author's critique of the MERG programme (p. 539-543). Notes, ref., sum.
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