Approaches to the South African Economy

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Abstract
The story of the South African economy has been told by many authors, belonging to different schools of thought. This article reviews, in turn, the broad Marxian and mainstream approaches to the subject, the latter represented by the Rostovian growth hypothesis, Mancur Olson’s theory of distributional coalitions, and a model of economic inequality developed by Lundahl and Wadensjö. It is generally concluded that more light has been shed on the South African economy by research conducted in terms of relative costs and prices than by studies which rely on the unfolding of assumed historical laws.

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