Season of Hope: Economic Reform under Mandela and Mbeki

Abstract

When the African National Congress inherited an economy in 1994 that had been shrinking for 5 years, and that had not grown in per capita terms for almost 15, it was also one of the most unequal societies in the world. The government deficit had risen to 9.5 per cent of GDP, and inflation had been in double figures for 20 years. How could an organisation with no previous experience of governing and a history of socialist rhetoric accomplish both a peaceful transition to democracy and set South Africa on a path toward sustained economic growth and development? How did they do it and where are they going? These are the questions addressed in this book. Very little has been written on South African economic reform since 1994, and there are no booklength studies at all. This study, written by an insider who is a former economic historian, offers an insight into the circumstances under which the policies were developed, implemented and reviewed, as well as a thorough study of the outcomes. South Africa today enjoys an economy which is booming and this is providing support for expanded options required for the delivery of social policy goals.

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