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While sharing some characteristics with other middle-income
countries, South Africa is a country with a unique economic history
and distinctive economic features. It is a regional economic
powerhouse that plays a significant role, not only in southern
Africa and in the continent, but also as a member of BRICS.
However, there has been a lack of structural transformation and
weak economic growth, and South Africa faces the profound triple
challenges of poverty, inequality, and unemployment. Any meaningful
debate about economic policies to address these challenges needs to
be informed by a deep understanding of historical developments,
robust empirical evidence, and rigorous analysis of South Africa's
complex economic landscape. This volume seeks to provide a
wide-ranging set of original, detailed, and state-of-the-art
analytical perspectives that contribute to scientific knowledge as
well as to well-informed and productive discourse on the South
African economy. While concentrating on the more recent economic
issues facing South Africa, the handbook also provides historical
and political context. It offers an in-depth examination of
strategic issues in the country's key economic sectors, and brings
together diverse analytical perspectives.
Taking South Africa as an important case study of the challenges of
structural transformation, Structural Transformation in South
Africa offers a new micro-meso level framework and evidence linking
country-specific and global dynamics of change, with a focus on the
current challenges and opportunities faced by middle-income
countries. Detailed analyses of industry groupings and interests in
South Africa reveal the complex set of interlocking
country-specific factors which have hampered structural
transformation over several decades, but also the emerging
productive areas and opportunities for structural change. The
structural transformation trajectory of South Africa presents a
unique country case, given its industrial structure, concentration
and highly internationalized economy, as well as the objective of
black economic empowerment. Structural Transformation in South
Africa links these micro-meso dynamics to global forces driving
economic, institutional and social change. This include digital
industrialization, global value chain consolidation,
financialization, environmental and other sustainability
challenges, which are reshaping structural transformation dynamics
across middle-income countries like South Africa. While these new
drivers of change are disrupting existing industries and interests
in some areas, in others they are reinforcing existing trends and
configurations of power. The book analyses the ways in which both
the domestic and global drivers of structural transformation
shape-and, in some cases, are shaped by-a country's political
settlement and its evolution. By focusing on the political economy
of structural transformation, the book disentangles the specific
dynamics underlying the South African experience of the
middle-income country conundrum. In so doing, it brings to light
the broader challenges faced by similar countries in achieving
structural transformation via industrial policies.
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