Economic Policy in the Post-colony: South Africa between Keynesian Remedies and Neoliberal Pain
Author(s)
Koelble, Thomas A.
Abstract
The jury is out and the verdict is in, according to most leftist commentators on the African National Congress (ANC) government. The South African political leadership has forgotten its institutional and historical origins in the liberation struggle, sold out its constituencies and adopted a fatally flawed economic strategy bringing greater poverty, misery, inequality and injustice to the people of South Africa. Picking up on a theme discussed in detail by Bernard Magubane, this article argues that the post-colony is subject to decision making well beyond its borders. Current trends in international finance markets are exaggerating these constraints by undermining any control the state might still exercise over its economy in terms of interest rates, monetary and fiscal policy. While certain domestic players may have an interest in the establishment and maintenance of a neoliberal economic policy, the fact of the matter is that South Africa’s economic policy is subject to influences, determinants and controls well outside of the domestic political economy.
