By Charles H. Feinstein
Charles Feinstein surveys years of South African fiscal background from the years previous eu settlements in 1652 via to the post-Apartheid period. Following the early section of gradual development, he charts the transformation of the economic climate because of the discovery of diamonds and gold within the 1870s, and the swift upward thrust of within the wartime years. ultimately, emphasizing the methods during which the black inhabitants used to be disadvantaged of land, and prompted to provide exertions for white farms, mines and factories, Feinstein records the advent of apartheid after 1948, and its effects for monetary functionality
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Additional resources for An Economic History of South Africa: Conquest, Discrimination, and Development
The replacement of the indigenous fat-tailed sheep by wool-bearing Spanish merinos made slow progress, because many farmers attached greater value to the meat and fat that they could obtain from the native flocks. However, production and export of wool eventually started to increase, stimulated in part by the growing demand from the textile industry in Britain. The quantity exported was only 20,000 lb in 1822, but climbed to 1,370,000 lb two decades later, and to almost 26,000,000 lb in 1862. It might not have compared either in quantity or quality with the wool sheared from the backs of sheep in Australia and South America, but the Cape had at last found a major export staple.
In time, however, the exceptional circumstances that had generated the performance and prosperity of the global golden age came to an end. Some of the factors that emerged were the direct consequence of the preceding era of rapid growth, such as the inflationary consequences of the increased pressure for higher wages that could be exerted in an era of full employment, or the elimination of the exceptional ‘benefits of backwardness’ that several countries had enjoyed in the early post-war decades.
2. International comparison of gross domestic product per capita in 1994 Note: Left-hand part of each bar shows level of per capita GDP in 1913. Source: Maddison,World economy. 3. Per capita personal income, white and African, selected years, 1917–94 Note: Figure above bars is ratio of white to African per capita personal income. appreciably, but average white incomes were still more than eight times higher than average African incomes. We can again put this into international perspective, using one of the standard measures of inequality, the Gini coefficient, as the summary measure.
An Economic History of South Africa: Conquest, Discrimination, and Development by Charles H. Feinstein