Volume 41OctoberPages Foreign direct investment, exports and economic growth: The article applied the autoregressive distributed lag model, known as the ARDL bounds testing approach to cointegration for the long run relationship between economic growth, foreign direct investment and exports. The error correction model was used to examine the short run dynamics; and the VECM Granger causality approach was used to investigate the direction of causality.
Economic history of South Africa The formal economy of South Africa has its beginnings in the arrival of Dutch settlers inoriginally sent by the Dutch East India Company to establish a provisioning station for passing ships.
As the colony increased in size, with the arrival of French Huguenots and German citizens, some of the colonists were set free to pursue commercial farming, leading to the dominance of agriculture in the economy.
At the end of the 18th century, the British annexed the colony. This led to the Great Trekspreading farming deeper into the mainland, as well as the establishment of the independent Boer Republics of Transvaal and the Orange Free State.
In diamonds were discovered in Kimberleywhile in some of the world's largest gold deposits were discovered in the Witwatersrand region of Transvaal, quickly transforming the economy into a resource-dominated one.
The British annexed the area as a result of the Boer War which witnessed the placement of Boer women and children in British-built concentration camps. The country also entered a period of industrialization during this time, including the organization of the first South African trade unions.
The country soon started putting laws distinguishing between different races in place.
In the National Party won the national elections, and immediately started implementing an even stricter race-based policy named Apartheideffectively dividing the economy into a privileged white one, and an impoverished black one.
The policy was widely criticised and led to crippling sanctions being placed against the country in the s. South Africa held its first multi-racial elections inleaving the newly elected African National Congress ANC government the daunting task of trying to restore order to an economy harmed by sanctions, while also integrating the previously disadvantaged segment of the population into it.
The government inherited an economy wracked by long years of internal conflict and external sanctions.
The government refrained from resorting to economic populism. Inflation was brought down, public finances were stabilised, and some foreign capital was attracted. From onward economic growth picked up significantly; both employment and capital formation increased.City & Guilds Business Administration qualifications.
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