Weeks, John (1999) 'Stuck in low GEAR? South African Macroeconomic Policy, 1996-1998.' Cambridge Journal of Economics, 23 (6). pp. 795-811.
Despite its ideology while in opposition, once in power the ANC government implemented an orthodox macroeconomic policy which stressed deficit reduction and a tight monetary policy, combined with trade liberalisation. The stated purpose of this package (the Growth, Employment, and Redistribution programme, or GEAR) was to increase economic growth, with a 4.2% rate programmed for 1996-2000. At mid-term of the programme, growth remained far below this target. The GEAR's lack of success cannot be explained by unfavourable external factors; rather, the disappointing performance seemed the result of fiscal contraction and excessively high interest rates.
|Item Type:||Journal Article|
|SOAS Departments & Centres:||Faculty of Law and Social Sciences > Department of Development Studies|
|Depositing User:||Huei-Lan Liu|
|Date Deposited:||24 Feb 2009 11:55|
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