In the concluding paragraphs of Keynes’ General Theory, Keynes suggests that vested interests (power) may dominate in the short term, but that “sooner or later, it is ideas, not vested interests, which are dangerous for good or evil” (Keynes; 1936:384). This dissertation seeks to establish whether this is so, and to what extent, in the period 1919 to 1936, insofar as the shaping of monetary policy was concerned. The context that South Africa found itself in at the time was one in which Britain, the colonising power, was in economic decline. Britain’s real economy had lost its lead in the world in the late 1800s, and by our period, 1919 – 1936, she was now struggling to maintain her dominance of the world’s financial economy. South African gold flows to London, and a South African monetary policy supportive of British monetary policy, became more important than ever to Britain. On the back of its ascendant real economy, the United States of America was fast developing its financial sector as a rival to that centered on London. In the broader monetary policy world, the orthodox monetary regime of the Gold Standard, which had worked so well in the period from 1875 to 1914, was firstly difficult to reestablish, and once established, difficult to maintain. Opinion on what should be done was divided between the majority who favoured a return to the orthodoxy, and a much smaller group, including John Maynard Keynes, who argued that the Gold Standard should no longer be the preferred monetary system. In South Africa, our period starts 17 years after the Second Boer War. Afrikaner nationalists intent on establishing independence from Britain, competed with those, including Jan Christiaan Smuts, who believed that tying our policy up with that of the British Empire was the best for South Africa. It is in this context that a naturalised Briton, which the research shows was a loyal servant of the London power elite, was appointed by the Empire-friendly Smuts government to advise the South African government on monetary policy, the setting up of the South African Reserve Bank, the appointment of its first Governor and other matters in the period up until the fall of this government in 1924. It is also in this context that an American ‘Currency Doctor’ and Professor of Economics at Princeton University, which the research shows was intimately connected with the American government and Benjamin Strong at the Federal Reserve, was appointed by the Pact government later in 1924, and who was anxious to throw off the yoke of British control. The theoretical paradigm of this study is that developed by John Maynard Keynes and after him by the post-Keynesian economists, particularly Basil Moore and Hyman P. Minsky. Instead of considering the theory chronologically, book by book, the theory section deals with the subject matter in the themes which came up in the monetary policy debates of the time, looking at all the theoretical literature that applied to these various themes. Aside from the correction of errors of emphasis and errors of fact dealt with in chapter two, chapter five of the dissertation is where most of the original research is reflected. This is the section which deals in depth with the experts that advised the South Africans at the time, how they came to be appointed, whose interests they served, what theories they used in support of their positions, and what was the decision-making process; from their appointment, until their reports were drafted into the law of the Union of South Africa. While Ally’s work (1994) is accepted as the principal work on the influence of the Bank of England, and Britain’s control of South African gold on South African gold and monetary policy, this dissertation claims legitimacy based on a much closer look at the motives and vested interests of the experts advising the South African government at the time. By the end of this chapter, I believe we are better placed to understand and analyse the relative influence of ideas and power on monetary policy in the period 1919 – 1936.

No description available.

This study analysed the intricacies of trade flows imbibed in the EU-SA TDCA. It assessed the trade creation and trade diversion effects of this bilateral trade agreement – using the top 10 selected commodity exports. This follows the report on the Harmonised System (HS) at the 2-digit codes. A Gravity Model Approach on bilateral trade flows is grounded on panel data models for the period 2000-2017 between South Africa as exporter country and the twenty EU countries (EU-20) as importer country-block out of the twenty-eight countries (EU-28). The study reports that the EU-SA TDCA enhanced significant trade expansion and trade creation effects. Mixed results for GDPs and GDPPKs for both South Africa and the EU countries were reported, but the overall results showed that the bilateral agreement do affect South African commodity exports more negatively, albeit with few positive effects from the EU countries in particular. Besides, ICTSA does have a negative effect on commodity exports, while the South African REER has the positive effect on export models. Lastly, the distance as a proxy of transportation costs negatively affects South Africa’s exports, while common colonial relationship and English as common official language have both a positive effect on exports. The findings imply that trade policies should focus on adequate telecommunication tools, alongside fair trade practices allowing South Africa to integrate with the global market, promote economic growth as well as enhance competitive advantage in most sectoral trades. / Business Management / M. Com. (Business Management (International Business and Finance))

No abstract available / Development Studies / D.Admin.

Non Governmental Organisations have been operating in Africa since the 1940’s; then, their work was heavily biased towards relief work. From the 1980s however, the role of NGOs evolved to include development; understandably, African governments were finding it increasingly difficult to provide adequate levels of basic services for their people. To this effect and initially; NGOs got involved in development as short term "gap fillers" in the provision of basic services; health and education amongst others. As Africa’s development discourse continued unabated, NGOs were recognised by donors and host governments alike, as indispensible to the provision of such services; in time however, they became the subject of criticism for allegedly failing to irreversibly ameliorate the conditions of the poor. In delivering services, NGOs work in a complex partnership characterised by power imbalances. The partnership involves donors who own the means of production which facilitate NGOs’ work and host governments who “own” the humanitarian space which NGOs need to fulfil their humanitarian mandate. While seemingly poor and powerless, the communities served wield the power to facilitate or block the success of NGO interventions through their commitment and/or lack thereof; respectively; NGOs’ contribution is their skills and humanitarian spirit. The success of NGO interventions is a function of resources, humanitarian space and the goodwill that donors, host governments and the communities served bring to the partnership table respectively. The study sought to establish why between 2001-2006; NGO post-drought rehabilitation through to development interventions failed to irreversibly reduce vulnerability against drought in communities in Machakos District and the extent to which power imbalances which characterise “partnerships for development” contributed to the failure by NGOs to fulfil their mandate. The study revealed that NGOs are unwaveringly committed to their humanitarian mandate however; the power imbalances that characterise “partnerships for development” and in particular, that between NGOs’ and donors militated against the fulfilment of their mandate in Machakos District. When NGOs fail to deliver on their mandate; they lose credibility amongst the other partners and this reinforces the power imbalances; it’s a vicious cycle. “Caught at Crossroads...” NGOs are indeed. / Development Studies / D.Litt. et Phil. (Development Studies)

This study is about the economic diplomacy of Namibia, as a small state, for the period 1990 – 2015. Liberalism, as a theory of International Relations (IR) studies, is the adopted analytical framework. Namibia’s economic diplomacy is anchored in the foreign policy principles enshrined in article 96 of her constitution, which advocate, inter alia, the maintenance of mutual beneficial relations. Namibia, further enacted laws and adopted policies that serve as domestic instruments of economic diplomacy. The stakeholders in Namibia’s economic diplomacy include both state and non-state actors. The study adopts a population of 8 million as the benchmark for small states, plus one of the following characteristics of small states: small size of the territory; low economy and the perception by the government leaders and nationals. Namibia’s bilateral economic diplomacy covers over one hundred countries. Her major trade partners, in terms of export trade and inward investments are Angola, Canada, China, Germany, The Netherlands, Spain, South Africa, Switzerland, The United Kingdom and the United States. Bilateral economic diplomacy is further pursued through the Export Processing Zone (EPZ) exports. The Namibian Government pursues multilateral economic diplomacy with the European Union, as part of the Africa Caribbean Pacific states and with regional and international economic and trade organisations such as the Southern Africa Customs Union, the Southern Africa Development Community, the United Nations Conference in Trade and Development and the World Trade Organisation. Namibia also adopts conference diplomacy as a form of multilateral economic diplomacy. The study makes an epistemological contribution to the study of IR, that the world is constructed under the hierarchical order that constrains power-based relations and minimises conflicts in international trade. A minimal trend of pursuing interests is, however, observed. The study further makes an ontological contribution to the study of IR, that the behaviour of state and non-state actors are inclined to cooperation on the continuum of conflict and cooperation. The study concludes that, contrary to the assumptions in small states literature, that small states have limitations of capacity and play an insignificant role in multilateralism, Namibia has skilled negotiators who have led negotiations in regional and international organisations. / Political Sciences / D. Litt. et Phil. (International Politics)

Unlike many other international instruments, accession to the WTO does not simply require the commitment of the government to sign and ratify the multilateral agreements. A country needs to make considerable legislative and administrative changes to comply with the standards of the WTO and its members to finalize the negotiation for accession. For governments with impure free market economy policy the challenges amplify. The government of Ethiopia publicly pronounces its adherence to the ideology of the developmental state. On the other hand the nucleus of WTO principles is progressive trade liberalization. Therefore, this dissertation tries to provide some reflection on the paradox created as a result of the divergence in priority between WTO principles and developmental state in the context of Ethiopian desire to join the organization. The research is an interdisciplinary work. The issues that will be discussed are not purely legal in their nature. They have legal, political and economic dimensions. And the main focus of the paper is on trade in services and foreign investment negotiation aspect of the accession. Furthermore the objective of the dissertation is to give some insight for policy makers about the challenges and opportunities that „Developmental State‟ ideology will pose in the accession process of Ethiopia to the WTO. The research is divided into five chapters. Chapter one gives introductory remarks about the concept of the developmental state and accession to the WTO. The limitations of the WTO accession process and an overview of the features of developmental state in the world and particularly in Ethiopia are also briefly discussed in the chapter. The origin and concept of developmental state in the world, in Africa and Ethiopia is discussed in some detail under chapter two. The chapter also tries to show the impact of developmental state policies in the laws of the country that are going to be deliberated in the process of accession. Chapter three is about accession to the WTO. In this chapter the requirements, benefits, challenges and procedures of accession are dealt in depth. The writer debates and tries to show the fact that the system is slowly shifting from rule based negotiation to power and precedent based negotiation. By analyzing the laws of Ethiopia that are inspired by the principles of developmental state against the legal and precedent requirements to join the WTO, I tried to correlate the findings of chapter two and three in chapter four. Specific strategies and advises on how to move the negotiation forward on certain areas are also outlined in this chapter. Finally, conclusion and my summarized recommendations are placed under chapter five. / Economics / LL.M (with specialization in International Economic Law)

Thesis (MA (Political Science. International Studies))--University of Stellenbosch, 2005. / Since its transition to democracy, South Africa has been expecting a significant increase in investment from Japan. Reciprocal state visits and economic missions have been pointing towards a possible rapid expansion of economic relations. Has there been a substantial increase in investment from Japan since South Africa’s transition to democracy? Actions taken by Japanese companies on the investment front show a different picture than the optimistic one painted by government officials and ministries. The reality is that South Africa is not yet an important investment destination for Japan. This is despite the presence of companies such as Toyota, Nissan, and Mitsubishi in South Africa since the apartheid era. The automotive sector, mainly as a result of the Motor Industry Development Programme (MIDP), and the Coega Industrial Development Zone (IDZ) are the most promising prospects for future investment from Japan. The challenge for South Africa is to increase Japanese investor confidence in its economy. The creation of a possible synergy between Japan’s Tokyo International Conference on African Development (TICAD) and the South African-led New Partnership for Africa’s Development (NEPAD) must be explored. Other recommendations include building stronger ties with influential business groups such as the Japan Business Federation (Nippon Keidanren), and widening the scope of trade and investment beyond the large and established corporations to also include more small and medium enterprises. Although the outlook is bleak for a short-term substantial increase in Japanese investment, the continuing facilitation of stronger relations between Japan and South Africa may produce encouraging results over the long-term.

Thesis (MA)--Stellenbosch University, 2002. / ENGLISH ABSTRACT: As the wave of globalisation sweeps across the countries of the world, the economies of these countries are increasingly opening. The industrial and trade strategy approach is shifting to greater openness due to the pressures of international competitiveness. This means that domestic economic activity alone cannot sustain the national economy. One of the features of this openness is trade liberalisation. Trade between various countries is becoming more important as a way of earning foreign currency to address balance of payment problems and as well as to boost the domestic economy. This has great potential, in the long run, to generate employment opportunities. Immediately after South Africa ushered in a democratic dispensation in 1994 it had to contend with global pressure to liberalise its trade and put in place economic fundamentals that synchronize with the global economic order. The political economy of global trade structure is characterized by bargaining power inequalities amongst the developed countries (North) and the developing countries (South). Trade relations between the developed and developing countries has ~ element of power-play that advantage developed countries and the terms of trade are still skewed in favour of developed countries due to the power that developed countries wield in the global economic system. This study uses the structuralist development theoretical perspective (dependency theory) and the combination of qualitative and quantitative paradigms in understanding the trade relations between the developed countries. The study, through this theoretical paradigm, seeks to examine the degree of success or failure of the Uruguay Round of trade negotiations in particular with regard to tariff reduction commitments, and opportunities or constraints created thereof. A case study oftextile and clothing industry will be used, and this will highlight some of the negative implications of the Uruguay Round commitments. / AFRIKAANSE OPSOMMING: Namate die globaliseringsgolf oor die lande van die wereld spoel, word die ekonomiee van die lande meer toeganklik vir ander state. Die industriele en handelsstrategie benadering het, as gevolg van intemasionale mededinging, 'n klemverskuiwing na meer openheid meegebring. Dit het tot gevolg dat huishoudelike ekonomiese aktiwiteit nie alleen 'n ekonomie kan onderhou nie. Een van die kenmerke van hierdie openheid is die liberalisering van handel. Handel tussen state word toenemend belangrik vir die verdien van buitelandse valuta om betalingsbalans probleme aan te spreek, asook om plaaslike ekonomiee te stimuleer. Oor die lang termyn hou dit groot potensiaal in om werksgeleenthede te skep. Onmiddelik na demokratisering in 1994 was Suid-Afrika geforseer om sy handel te liberaliseer en sy ekonomiese grondslag te sinchroniseer met die globale ekonomiese orde, Die struktuur van die politieke ekonomie van intemasionale handel word gekenmerk deur ongelykhede tussen die ontwikkelde Noorde en die ontwikkelende lande van die Suide. Handelsbetrekkinge tussen ontwikkelde- en ontwikkelende lande bevat 'n element van magspel waarin eersgenoemde bevoordeel word. Hierdie studie maak gebruik van die strukturalistiese ontwikkelingsperspektief en 'n kombinasie van kwalitatiewe en kwantitatiewe paradigmas, ten einde 'n beter begrip te verkry van handel tussen ontwikkelde lande. Deur middel van die teoretiese paradigma, probeer die studie om die werkbaarheid van die Uruguay Ronde, spesifiek · met betrekking tot tarief verlagings en die geleenthede of beperkings wat daardeur geskep word, aan te toon. 'n Gevallestudie van die tekstiel en klerebedryf sal gebruik word om die negatiewe implikasies van die Uruguay Ronde te belig.

Thesis (MA)--Stellenbosch University, 2013. / Bibliography / ENGLISH ABSTRACT: Chinese national oil corporations have increased their foreign direct investments over the last decade in Africa, where the political environment of oil producing countries often expose the firms to high political risk. The analysis of political risk is increasingly relevant for the investment decision-making process of Chinese corporations, as changes in political dynamics of host countries can affect the opportunities and profitability of investments. The study emphasises the need for firm-specific political risk analysis as a decision-making tool for international businesses operating in foreign countries. The main research question of the study is concerned with the main indicators of political risk that Chinese corporations may face in the African oil and gas industry. Chinese oil corporations may be affected by political instability, international and internal conflict, corruption, and poor economic and social development in African countries. The political risk they face may be influenced by indicators such as the location of the oil operations, the relative importance of the Chinese oil firm to the host country’s oil industry, the competitive advantage and technical abilities of Chinese oil firms, the support of the Chinese government to state-owned firms, and economic relations that the host government have with China and the oil firm. The study follows a qualitative research approach by way of an empirical case study of the political risk faced by one of China’s national oil corporations, China National Petroleum Corporation (CNPC), in South Sudan. A major part of CNPC’s business operations in Sudan was transferred to South Sudan after the country seceded from Sudan in July 2011. The political risk for CNPC in South Sudan is analysed and measured in accordance with an industry-specific political risk model for the oil and gas industry. The study finds that CNPC faces a high level of political risk in South Sudan since independence. An examination of the political risk analysis is done to serve as a basis for answering the main research question. The hostile relationship between South Sudan and Sudan in particular may expose CNPC to high political risk as it led to the shutdown of the oil industry and violent interstate conflict. However, CNPC’s political risk exposure may be mitigated by certain indicators, such as CNPC’s significance in the operation of the South Sudanese oil industry, CNPC’s attributes of being a Chinese state-owned enterprise, the availability of support from the Chinese government in the form of economic cooperation packages and CNPC’s technical abilities in exploration operations. Furthermore, while negative sentiments on the part of the South Sudanese government towards China and CNPC due to the latter’s close relations with Sudan might expose CNPC to high risk, the risk is mitigated by the high level of economic dependency of South Sudan on both China and CNPC. / AFRIKAANSE OPSOMMING: In die laaste dekade het Chinese nasionale oliekorporasies hulle buitelandse direkte beleggings in Afrika uitgebrei. Die politieke omgewing van hierdie lande veroorsaak egter dikwels dat hierdie firmas aan hoë politieke risiko blootgestel word. Omdat politieke dinamiek in gasheerlande die geleenthede en winsgewendheid van beleggings kan affekteer, is die analise van politieke risiko toenemend relevant in die beleggingsbesluitnemingsproses van Chinese oliekorporasies. Die hoof-navorsingsvraag in hierdie studie handel oor die hoofindikatore van politieke risiko waaraan hierdie korporasies in Afrika se olie- en gasindustrie blootgestel kan word. Politieke onstabiliteit, internasionale en nasionale konflik, korrupsie, asook swak ekonomiese en sosiale ontwikkeling in Afrikalande kan Chinese oliekorporasies affekteer. Die politieke risiko waaraan hulle blootgestel word, kan beïnvloed word deur faktore soos die ligging van oliebedrywighede, die relatiewe belangrikheid van die Chinese oliekorporasie vir die gasheerland se olie-industrie, die kompeterende voordeel en tegniese vermoëns van die Chinese oliekorporasies, die Chinese regering se ondersteuning van staatskorporasies en die ekonomiese verhoudings wat die gasheerland met China en die oliefirmas het. Die studie volg ‘n kwalitatiewe navorsingsbenadering by wyse van ‘n empiriese gevallestudie van die politieke risiko waaraan een van China se nasionale oliekorporasies, China National Petroleum Corporation (CNPC), in Suid-Soedan blootgestel word. Sedert Suid-Soedan se onafhanklikheidswording in Julie 2011 is die grootste gedeelte van CNPC se bedrywighede in Soedan na Suid-Soedan oorgedra. Die politieke risiko vir CNPC is volgens ‘n industrie-spesifieke politieke risiko-model geanaliseer en bereken. Die studie toon dat CNPC inderdaad aan ‘n hoë vlak van politieke risiko blootgestel is sedert onafhanklikheid. Die politieke risiko-analise word ondersoek ten einde as basis te dien vir die beantwoording van die hoof-navorsingsvraag. In die besonder kan die vyandiggesinde verhouding tussen Suid-Soedan en Soedan CNPC blootstel aan hoë politieke risiko, onder andere vanweë die sluiting van die olie-industrie en die gewelddadige interstaat-konflik wat dit meegebring het. CNPC se blootstelling aan politieke risiko kan egter verminder word deur sekere faktore soos CNPC se beduidende belangrikheid in die bedryf van die Suid-Soedanese olieindustrie, CNPC se kenmerke as ‘n Chinese staatsonderneming, die beskikbaarheid van die ondersteuning van die Chinese regering in die vorm van ekonomiese samewerkingspakette asook CNPC se tegniese vermoëns in die veld van eksplorasiebedrywighede. Alhoewel die negatiewe sentiment in die Suid-Soedanese regering teenoor China en CNPC as gevolg van hulle noue verbintenis met Soedan vir CNPC aan hoë risiko kan blootstel, word hierdie risiko verminder deur Suid-Soedan se hoë vlak van ekonomiese afhanklikheid van CNPC en China.