The politics of macroeconomic policy reform in South Africa.
University of the Witwatersrand. History Workshop.
Macroeconomic reforms can be easily introduced by changing the interest rate, exchange rate and wages. These changes have uneven distributional consequences. So how the beneficiaries and losers are treated needs skilled political management. Politics needs to be excluded so the disadvantaged people cannot interfere. As it is implemented this centralised arbitrary approach runs into opposition . More stable reforms might be achieved by negotiation. This will also be more democratic.
Paper presented at the Wits History Workshop: Forging the links between historical research and the policy process, 18-19 September 1999. Also presented at the Conference on "Democracy and the political economy of reform", Cape Town, 16-18 January 1998. Incomplete draft paper. Consent needed to cite or quote.
Economics. South Africa, Politics and Economic policy