The South African Economic Reconstruction and Recovery Plan as a response to South African economic crisis
Main Article Content
Keywords
Buzzwords, developmental state, neoliberalism, structural transformation
Abstract
The impact of the current Covid-19 pandemic on the economy presents an opportunity for an economic reset in South Africa. The economic reset will provide a chance for structural transformation that will underpin economic growth and sustainable development. The Covid-19 pandemic has entrenched and exposed South Africa’s inequality. Unemployment is at an all-time high and over half of South Africans, the majority which is African live in extreme poverty. This inequality has created a conducive environment for the recent instabilities that led to mass looting and property destruction. In response to the economic crisis and the Covid-19 pandemic, the South African government adopted the South African Economic Reconstruction and Recovery Plan to reconstruct and reset the economy. However, the South African Economic Reconstruction and Recovery Plan do not present an opportunity for the economic reset but it’s a perpetuation of neoliberalism. Therefore, the call “to build a new, inclusive economy that benefits all South Africans” is nothing but buzzwords without any meaning. The plan mimics rhetorical calls for job creation and industrialization made by previous policies i.e. National Development Plan (NDP) and New Growth Path (NGP) without any operational plan and a new course of action. In addition, the plan is intended for South Africa to move towards the target set in the NDP, vision 2030. This paper analyzes the South African Economic Reconstruction and Recovery Plan as a response to the economic crisis. Moreover, the paper seeks to determine whether the plan will lead to desired results of economic reconstruction. In conclusion, the paper determines whether neoliberalism is the correct trajectory for South African development or is there a need for a developmental state.
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References
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Khambule, I. (2021). Covid-19 and counter-cyclical role of the state in South Africa. Progress in Development Studies, 1-17. https://doi.org/10.1177/14649934211030457
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Marais, H. (2001). South Africa limits to change the political economy of transition. Cape Town: University of Cape Town Press.
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Mohammed, S. (2010). The State of the South African Economy. In J. Daniel, P. Naidoo, D. Pillay & R. Southall, (Eds.). New South African Review 1: 2010 – Development or Decline? Johannesburg: Wits University Press.
Mohr, P. (2010). An overview of the South African economy in the 1990s. South African Journal of Economic History, 18(1-2), 16-30. https://doi.org/10.1080/10113430309511152
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Auditor-General. (2021). Third special report on the financial management of government’s Covid-19 initiatives.
Bhorat, H. & Köhler, T. (2020). Lockdown economics in South Africa: Social assistance and the Ramaphosa stimulus package. Retrieved from https://www.brookings.edu/blog/africa-in-focus/2020/11/20/lockdown-economics-in-south-africa-social-assistance-and-the-ramaphosa-stimulus-package/
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Burger, P. (2014). Facing the conundrum: How useful is the “developmental state” concept in South Africa. South African Journal of Economics, 82(2), 159-180. https://doi.org/10.1111/saje.12030
Campos, N. F., Estrin, S., & Proto, E. (2010). Corruption as a barrier to entry: Theory and evidence. Institute for the Study of Labour (IZA), 5243. https://doi.org/10.2139/ssrn.1693340
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Cheru, F. (2001). Overcoming apartheid’s legacy: The ascendancy of neoliberalism in South Africa’s anti-poverty strategy. Third World Quarterly, 22(4), 505-527. https://doi.org/10.1080/01436590120071768
Chibber, V. (2002). Bureaucratic rationality and developmental state. American Journal of Sociology, 107(4), 951-989. https://doi.org/10.1086/341010
Churchill, W. (n.d.). Never let a good crisis go to waste. Address to the alliance – USA and Soviet Union.
Corruption Watch. (2021). South Africa needs clean hands. Retrieved from https://www.corruptionwatch.org.za/wp-content/uploads/2021/08/CW-local-govt-sectoral-report-August2021.pdf
Cronin, J. (2015). Lessons from the Reconstruction and Development Programme. In B. Turok (Ed.). Changing the colour of capital: Essays in politics and economics (pp. 41-52). Cape Town: David Philip Publishers (Pty) Ltd.
Davies, R. (2015). South Africa’s Industrial Policy Action Plan (IPAP 2). In B, Turok (Ed.). Changing the colour of capital: Essays in politics and economics (pp. 149-157). Cape Town: David Philip Publishers (Pty) Ltd.
Death, C. (2011). Summit theatre: Exemplary governmentality and environmental diplomacy in Johannesburg and Copenhagen. Environmental Politics, 20(1), 1-19. https://doi.org/10.1080/09644016.2011.538161
Ede, C.I. & Jili, N. (2021). Microscopic examination of the new South African Economic Reconstruction and post-pandemic Recovery Plan. Journal of Political Science and International Relations, 4(2), 56-65. https://doi.org/10.11648/j.jpsir.20210402.15
Emkes, W. (2012). Black Economic Empowerment and South Africa. Contemporary Review.
Habib, A. & Taylor, R. (2007). Parliamentary opposition and democratic consolidation in South Africa. Review of African Political Economy, 26(80), 261-267. https://doi.org/10.1080/03056249908704384
Habib, A. (2003). State-civil society relations in post-apartheid South Africa. In: Daniel, J., Habib, A. & Southall, R. (eds). State of the Nation: South Africa. Cape Town: HSRC Press. 227-241.
Harvey, D. (2005). A brief history of neoliberalism. Oxford: Oxford University Press. https://doi.org/10.1093/oso/9780199283262.001.0001
Heintz, J. (2002). Out of Gear? Economic policy and performance in post-apartheid South Africa. Change, 1996, 1994-2002.
Hentz, J.J. (2000). The two faces of privatisation: Political and economic logics in transitional South Africa. The Journal of Modern African Studies, 38(2), 203-223. https://doi.org/10.1017/S0022278X00003311
Jim, I. (2013). Why NUMSA rejects the NDP. Politics Web. Retrieve from http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71654?oid=365077&sn=Detail&pid=71654
Jones, S. (2002). The decline of South African economy. Cheltenham: Edwards Elgar Publishing Limited. https://doi.org/10.4337/9781781008607
Jumanne, B. B. & Keong, C. C. (2018). Foreign Direct Investment and natural resources in Sub-Saharan Africa: The role of institutions towards the Africa we want “2063 vision”. Africa Journal of Economic Review, 4(1), 14-32.
Khambule, I. (2021). Covid-19 and counter-cyclical role of the state in South Africa. Progress in Development Studies, 1-17. https://doi.org/10.1177/14649934211030457
Marais, H. (2011). South Africa pushed to the limit: the political economy of change. Cape Town: University of Cape Town Press.
Marais, H. (2001). South Africa limits to change the political economy of transition. Cape Town: University of Cape Town Press.
Makwetu, K. (2020). Municipal Auditor Report. Retrieved from https://www.agsa.co.za/Portals/0/Reports/MFMA/201819/Media%20Release/2020%20MFMA%20Media%20Release%20Final.pdf
Mfete, T. (2020). Neoliberalism and inequality in post-apartheid South Africa. Pretoria Student Law Review, 14(2). 270-297. https://doi.org/10.29053/pslr.v14i2.1833
Mbeki, M. (2011). Advocates for change: How to overcome Africa’s challenges. Johannesburg: Picador Africa.
Mboweni, T. (2021, April 25). Economic challenges facing the country. Speech delivered at the African Rotary Club Centennial Conference. Retrieved from https://www.sabcnews.com/sabcnews/mboweni-to-discuss-economic-challenges-facing-the-country/
Mohammed, S. (2010). The State of the South African Economy. In J. Daniel, P. Naidoo, D. Pillay & R. Southall, (Eds.). New South African Review 1: 2010 – Development or Decline? Johannesburg: Wits University Press.
Mohr, P. (2010). An overview of the South African economy in the 1990s. South African Journal of Economic History, 18(1-2), 16-30. https://doi.org/10.1080/10113430309511152
Mosala, S.J. (2016). The National Democratic Revolution as a basis for public policy formulation in South Africa. Economic policy and transformation, 1994-2013. (Master’s Dissertation, North West University, Potchefstroom, South Africa). Retrieved from https://repository.nwu.ac.za/bitstream/handle/10394/20386/Mosala_SJ_2016.pdf?sequence=1
Mudiriza, G., De Lannoy, A., & Youth Capital. (2021, June 22). Youth in the time of a global pandemic (Webinar). Youth in the time of a global pandemic: An analysis of recent data on young people’s experiences during COVID-19. Mapungubwe Institute for Strategic Reflection (MISTRA). Retrieved from https://mistra.org.za/mistra-strategics/youth-in-the-time-of-a-global-pandemic/
Naidoo, P. (2021). South Africa’s unemployment rate is now highest in the world. Retrieved from https://www.aljazeera.com/economy/2021/8/24/south-africas-unemployment-rate-is-now-the-worlds-highest
Narsiah, S. (2002). Neoliberalism and privatisation in South Africa. GeoJournal, 57, 3-13. https://doi.org/10.1023/A:1026022903276
Ngwane, T. & Bond, P. (2020). South Africa’s shrinking sovereignty: Economic crises, ecological damage, sub-imperialism and social resistances. Vestnik RUDN. International Relations, 20(1), 67-83. https://doi.org/10.22363/2313-0660-2020-20-1-67-83
North West Provincial Treasury. (2020). Treasury response to JB Marks budget matters. Mmabatho.
Ramaphosa, C. (2020). Statement of South African Economic Reconstruction and Recovery Plan. Retrieved from https://www.gov.za/speeches/president-cyril-ramaphosa-south-africa%E2%80%99s-economic-reconstruction-and-recovery-plan-15-oct
RSA. (2020a). The South African Economic Reconstruction and Recovery Plan. Pretoria: Government Printing Works.
RSA. (2020b). Building a new economy: Highlights of the Reconstruction and Recovery Plan. Pretoria: Government Printing Works.
Schneider, G. (2003). Neoliberalism and economic justice in South Africa: Revisiting the debate on economic apartheid. Review of Social Economy, 61(1), 23-50. https://doi.org/10.1080/0034676032000050257
Sebake, BK. (2017, July 26-28). Neoliberalism in the South African post-apartheid regime: Economic policy positions and globalisation impact. Paper presented at the 2nd Annual International Conference on Public Administration and Development Alternatives, Tlotlo Hotel, Gaborone, Botswana.
Shipalana, P. (2021). Macroeconomic policy development: Lessons learnt from South Africa during Covid-19. Retrieved from https://saiia.org.za/research/macroeconomic-policy-development-lessons-learnt-from-south-africa-during-covid-19/
Statista. (2021). South Africa: Social grants recipients, by population group. Retrieved from https://www.statista.com/statistics/1116080/population-receiving-social-grants-in-south-africa-by-population-group/
Stats SA. (2021). Unemployment rates in South Africa. Retrieved from https://www.reuters.com/article/us-safrica-economy-unemployment-idUSKBN2AN0S1
Stats SA. (2009). Quarterly labour force survey, quarter 4. Statistical release, P0211. Retrieved from http://www.statssa.gov.za/publications/P0211/P02114thQuarter2009.pdf
Stats SA. (2008). Labour market dynamics in South Africa 2008. Retrieved from http://www.statssa.gov.za/publications/Report-02-11-02/Report-02-11-022008.pdf
Terreblanche, S. (2012). Lost in transformation: South Africa’s search for new future since 1986. Johannesburg: KMM Review Publishing Company.
The Presidency. (2020) Statement by President Cyril Ramaphosa on further economic and social measures in response to the COVID-19 epidemic. The Presidency.
Turok, B. (2015). Changing the colour of capital: Essays in politics and economics. Cape Town: David Philip Publishers (Pty) Ltd.
UNCTAD. (2019). Economic development in Africa report 2019. New York: UN.
Williams, P. & Taylor, I. (2010). Neoliberalism and the political economy of the ‘new’ South Africa. New Political Economy, 5(1), 21-40. https://doi.org/10.1080/13563460050001961
Wong, J. (2004). The adaptive developmental state in East Asia. Journal of East Asian Studies, 4(3), 345-362. https://doi.org/10.1017/S1598240800006007
World Bank. (2020). Poverty & equity brief, Sub-Saharan Africa: South Africa. Retrieved from https://databank.worldbank.org/data/download/poverty/33EF03BB-9722-4AE2-ABC7-AA2972D68AFE/Global_POVEQ_ZAF.pdf
World Bank. (2018). Overcoming Poverty and inequality in South Africa: An assessment of drivers, constraints and opportunities. Washington DC: The World Bank.
World Bank. 2000. Can Africa claim the 21st century? Retrieved from http://www.rrojasdatabank.info/africa21/toc.pdf
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The South African Economic Reconstruction and Recovery Plan as a response to South African economic crisis. (2022). Journal of BRICS Studies, 1(1), 55-67. https://doi.org/10.36615/jbs.v1i1.637
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The South African Economic Reconstruction and Recovery Plan as a response to South African economic crisis. (2022). Journal of BRICS Studies, 1(1), 55-67. https://doi.org/10.36615/jbs.v1i1.637