Industrial Policy in South Africa

2021 ◽  
pp. 509-530
Author(s):  
Anthony Black
Keyword(s):  
South Africa ◽  
Industrial Policy ◽  
Industrial Development ◽  
Global Financial Crisis ◽  
Policy Support ◽  
Import Penetration ◽  
Wide Range ◽  
Development Policies ◽  
The Subject ◽  
The Global Financial Crisis

Abstract: Manufacturing in South Africa has been the subject of strong industrial policy support. Since 1994, the sector has undergone major structural shifts but the sector has performed poorly. Trade liberalization, which started to take effect before 1994, led to rapid import penetration across a wide range of sectors. For the most part the export response was disappointing. From 2007, there has been a shift to more intensive sectoral industrial policy. But this coincided with a number of very negative developments including the global financial crisis as well as serious infrastructure constraints. The specifics of industrial policy are examined in heavy industry, the automotive sector, and light manufacturing as well as in the outcomes of regional industrial development policies. The chapter concludes that South Africa needs to be on a more labour-absorbing growth path which requires appropriate industrial as well as other policies.

scholarly journals Cryptocurrency: Towards Regulating the Unruly Enigma of Fintech in Nigeria and South Africa

2021 ◽  
Vol 24 ◽  
pp. 1-38
Author(s):  
Festus Ukwueze
Keyword(s):  
South Africa ◽  
Legal Status ◽  
Global Financial Crisis ◽  
The United States ◽  
Regulatory Framework ◽  
The European Union ◽  
African Countries ◽  
Virtual Currency ◽  
The Subject ◽  
The Global Financial Crisis

One of the most modern inventions of financial technology (FinTech) since after the global financial crisis of 2008 is the crypto or virtual currency/asset. Since the creation of the first cryptocurrency, the Bitcoin, in 2009, it is estimated that over five thousand variants of the Bitcoin and other cryptocurrencies have emerged. Virtual currencies have become widespread across the globe but their legal status and uses in various countries have remained uncertain. They have been variously classified as currencies, securities, properties, assets, commodities and tokens, and used as means of exchange but are not legally recognised as legal tender. In many jurisdictions their emergence was greeted with scepticism and express or tacit rejection by financial and securities markets regulators, but over time, owing to their increasing popularity, characteristics, positive and negative potentials, there has been a gradual shift towards their formal recognition and regulation. Regulatory authorities in many countries are now grappling with designing appropriate policy and regulatory framework for the crypto phenomenon. This paper interrogates the current legal status and efforts to regulate cryptocurrencies in two leading African nations, Nigeria and South Africa, and highlights the challenges of designing an appropriate regulatory framework for this enigmatic technology. The paper adopts the doctrinal legal research methodology, employing the descriptive, analytical, and comparative approaches. It follows a structured review and analysis of relevant extant legislation on currencies and securities in the countries to ascertain whether they cover cryptocurrencies. It then compares the current position of the law on the subject in the two countries. Bearing in mind that it may not be possible to totally ban dealing in cryptocurrencies, the paper concludes that regulation has become imperative. Drawing from the position on the subject in more developed nations, the United States of America (US) and the European Union (EU), this paper proposes a model of regulation of virtual currency not only for Nigeria and South Africa but also for other African countries.

scholarly journals Problems and Prospects for the Development of the UK Banking System in the Process of New Industrialization and Digitalization

2021 ◽  
Vol 93 ◽  
pp. 05017
Author(s):  
Olga Sokolova ◽  
Nadezhda Goncharova ◽  
Pavel Letov
Keyword(s):  
Capital Market ◽  
Global Financial Crisis ◽  
Banking System ◽  
The European Union ◽  
Important Trend ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk ◽  
High Degree ◽  
New Industrialization

The gist of this article boils down to the development of British banking system in the conditions of new industrialization and digitalization. The banking system of Great Britain is characterized by a high degree of concentration and specialization of banking, a well-developed banking infrastructure, and a close connection with the international loan capital market. London is the world's oldest financial center. The English banking system has the world's widest network of overseas branches. The UK banking system is relatively independent from the credit systems of the European Union. Nevertheless, banking legislation is focused on the unification of banking law within the European Community and supervision of banking activities. In the context of the global financial crisis, the UK banking system, as in other countries, has been severely tested. The most important trend in the development of the UK banking system is the blurring of boundaries between certain types of credit institutions. The subject of the research is the UK banking system in the context of new industrialization and digitalization.

scholarly journals Corporate governance and performance of listed commercial banks in South Africa

2014 ◽  
Vol 11 (2) ◽  
pp. 677-687
Author(s):  
Sam Ngwenya
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
The United States ◽  
Executive Directors ◽  
Governance Indicators ◽  
And Performance ◽  
The Global Financial Crisis ◽  
The Relationship

The global financial crisis of 2008 that resulted in the collapse of many financial institutions in the United States (US) and Europe have resulted in debates over the failures of corporate governance structures to properly protect investors. The main objective of the study was to determine the relationship between corporate governance and performance of listed commercial banks in South Africa. The results of the study indicated a statistically positive significant relationship between board size, proportion of non-independent and non-executive directors and bank performance. The results of the rest of the corporate governance indicators are mixed when using different performance measurement variables.

FROM THE EDITOR

2020 ◽  
Vol 40 (1) ◽  
Author(s):  
Henning Melber
Keyword(s):  
South Africa ◽  
Open Access ◽  
Open Access Journal ◽  
Advisory Board ◽  
Editorial Responsibility ◽  
Strategic Review ◽  
Wide Range ◽  
The Subject ◽  
The Right ◽  
New Generation

With issue No 1/2013, this journal changed in several respects. Under a new editor-in-chief, the Strategic Review for Southern Africa, then published for 35 years, turned into an open access journal with a redesigned look. But the makeoveraimed at more than merely cosmetic changes. As outlined in the introduction of that issue, the changing context both in South Africa as well as globally, motivated a conceptual re-positioning, that also modified the subject-related thematic framework1).  Since then, thanks to many contributors offering a wide range of topicalanalyses, we hopefully managed to live up to at least some of the expectations created. After five years, it is now time to hand editorial responsibility to a new generation of scholars groomed in the spirit of democratic South Africa. This, therefore, is the last issue for me as the editor-in-chief. While I welcomed the privilege to lead the journal towards implementing a modified agenda, I now welcome the opportunity to move out of the way and pursue other tasks. I thank all those in the editorial group and the advisory board who accompanied and supported me during the last years. I am especially grateful to Maxi Schoeman, who felt I would be the right choice for this task. Special thanks go also to Wilma Martin, without her assistance none of the last eleven issues would have become a reality.

Politics and Economic Policymaking in South Africa since 1994

2021 ◽  
pp. 65-90
Author(s):  
Alan Hirsch ◽  
Brian Levy ◽  
Musa Nxele
Keyword(s):  
South Africa ◽  
Black People ◽  
Global Financial Crisis ◽  
Slow Growth ◽  
Economic Transformation ◽  
Policy Uncertainty ◽  
The Poor ◽  
The Global Financial Crisis ◽  
Growth Economic ◽  
Political Settlement

Economic policy in South Africa since 1994 has confronted the imperative to include middle class, working class and poor black people more fully into the economy in circumstances which circumscribe the scope for constructive negotiation and lasting agreement. The new regime of 1994 sought a political settlement which allowed stronger growth, economic transformation of the elite and economic inclusion of the poor. After meeting with some success, the combination of the global financial crisis and new political leadership led to policy uncertainty, increasing corruption and some deterioration of state capacity, which resulted in exceptionally slow growth. The puzzle this chapter engages with is why the struggle over rents has stood in the way of a mutually beneficial deal.

scholarly journals Regulating Private Higher Education in South Africa

2015 ◽  
Author(s):  
Chika Sehoole
Keyword(s):  
Higher Education ◽  
South Africa ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
Private Higher Education ◽  
Private Companies ◽  
The Public ◽  
The Government ◽  
Laws And Policies ◽  
The Global Financial Crisis

This article makes case of how South Africa has been able to use its laws and policies to achieve its objectives of regulating private higher education. This happened in the context of an ascendancy of neo-liberal policies which favoured deregulation and the rolling back of the state. Through these policies the government was able to protect the public even during the global financial crisis as it had registered credible and financially sound institutions which could weather off the financial crises which affected many private companies worldwide.

15 Litigation and Enforcement involving Private Funds after the Global Financial Crisis

2018 ◽  
Author(s):  
Spangler Timothy
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Private Investment ◽  
The United States ◽  
Regulatory Regime ◽  
Investment Funds ◽  
The Subject ◽  
The Global Financial Crisis ◽  
The Uk

This chapter focuses on the increase in the amount of litigation and enforcement actions against private investment funds in the United States, the UK, and across the globe as a result of the global financial crisis. As more disputes arose during the course of the global financial crisis, the legal and regulatory regime impacting private investment funds has been the subject of closer scrutiny than has been seen in previous decades. The chapter first considers the Securities and Exchange Commission’s (SEC) enforcement actions against hedge funds as well as U.S. civil litigation prior to the financial crisis before discussing Dodd-Frank and its effect on enforcement. It then examines the SEC’s enforcement actions regarding broker-dealer registration, along with some of its key enforcement actions after Dodd-Frank. It also analyses the Financial Conduct Authority’s enforcement priorities after the global financial crisis and key litigation in the UK involving private investment funds.

The Global Financial Crisis: what have we learned so far?

2015 ◽  
Vol 11 (2) ◽  
pp. 134-161 ◽  
Author(s):  
Karyn L. Neuhauser
Keyword(s):  
Financial Crisis ◽  
Large Scale ◽  
Global Financial Crisis ◽  
Financial System ◽  
Future Research ◽  
Financial Assets ◽  
Content Type ◽  
The Subject ◽  
The Global Financial Crisis ◽  
Number Of Citations

Purpose – The purpose of this paper is to provide a cohesive review of the major findings in the literature concerning the Global Financial Crisis. Design/methodology/approach – Papers published in top-rated finance and economics journal since the crisis up to the present were reviewed. A large number of these were selected for inclusion, primarily based on the number of citations they had received adjusted for the amount of time elapsed since their publication, but also partly based on how well they fit in with the narrative. Findings – Much has been done to investigate the causes of the Global Financial Crisis, its effects on various aspects of the financial system, and the effectiveness of regulatory measures undertaken to restore the financial system. While more remains to be done, the existing body of research paints an interesting picture of what happened and why it happened, describes the interrelationships between the mortgage markets and financial markets created by the large scale securitization of financial assets, identifies the problems created by these inter-linkages and offers possible solutions, and assesses the effectiveness of the regulatory response to the crisis. Originality/value – This study summarizes a vast amount of literature using a framework that allows the reader to quickly absorb a large amount of information as well as identify specific works that they may wish to examine more closely. By providing a picture of what has been done, it may also assist the reader in identifying areas that should be the subject of future research.

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