Weeks, John (1999) 'Stuck in low GEAR? South African Macroeconomic Policy, 1996-1998.' Cambridge Journal of Economics, 23 (6). pp. 795-811.
Abstract
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: | Legacy Departments > Faculty of Law and Social Sciences > Department of Development Studies |
| ISSN: | 0309166X |
| DOI (Digital Object Identifier): | https://doi.org/10.1093/cje/23.6.795 |
| Date Deposited: | 24 Feb 2009 11:55 |
| URI: | https://eprints.soas.ac.uk/id/eprint/6502 |
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