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Good Growth and Governance in AfricaRethinking Development Strategies$
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Akbar Noman, Kwesi Botchwey, Howard Stein, and Joseph E. Stiglitz

Print publication date: 2011

Print ISBN-13: 9780199698561

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780199698561.001.0001

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South African Post-Apartheid Policies Towards Industrialization: Tentative Implications for Other African Countries

South African Post-Apartheid Policies Towards Industrialization: Tentative Implications for Other African Countries

Chapter:
(p.345) 12 South African Post-Apartheid Policies Towards Industrialization: Tentative Implications for Other African Countries
Source:
Good Growth and Governance in Africa
Author(s):

Nimrod Zalk

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199698561.003.0012

Economic theory and empirical-historical evidence demonstrate the unsubstitutable role that industrialization plays in the economic development process. As Africa's largest and most industrialized economy: post-apartheid economic policy choices in South Africa are reviewed with a view to identifying tentative policy implications for other African countries seeking to industrialize. Since the introduction of democracy in 1994, South Africa has broadly followed Washington Consensus macroeconomic and trade policies. This has led to moderate growth, but based on unsustainable private-credit fueled consumption with the production side of the economy largely “pushed back” to areas of static comparative advantage, an ever-larger current account deficit and very high unemployment. African countries should be circumspect about liberalizing trade, particularly in their manufacturing sectors. They should develop industrial policies which nurture nascent manufacturing capabilities and develop new ones. For resource-rich countries taxation of resource rents represent an opportunity to finance industrial diversification and infrastructure. Macroeconomic management to prevent damaging currency appreciation through “Dutch disease” is critically important.

Keywords:   Africa, industrial and trade policy, industrialization, manufacturing, natural-resource rents, South Africa, Washington Consensus

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