The first decade of the SA Journal of Economic History

The first decade

by

JON INGGS
University of South Africa

This article was first published in the
South African Journal of Economic History
Vol 11(1), March 1996, pp 1-46.

  1. INTRODUCTION

    The South African Journal of Economic History has come a long way since its Johannesburg conception in April 1986. After a gestation period of only three months, it was formalised at the Grahamstown council meeting that July and a tumultuous two months later, a typographically unsophisticated, but nevertheless proud, Volume1, Number 1, nervously emerged into the real world as a bouncing baby weighing in at 45 440 words. Ten volumes, 123 articles and just over a million words later, averaging 53 694 words an issue, the journal enters its second decade as a well-established, polished, academic publication. The appendix to this overview of the first decade of the journal lists the articles published to date.

    From the outset it has lived up to its title and is, indeed, a South African journal of economic history. This does not mean that it is merely a journal of South African economic history only, concentrating on local aspects of its discipline. Topics covered are far wider, but, at the same time, the journal's roots are solidly southern African. Almost 70 per cent of the 123 articles published to date are on a southern African theme. Most of the articles have stemmed from papers presented at the society's various conferences over the years.

    The University of the Witwatersrand is the home academic institution supplying the most articles to date - all 19 or them. Not far behind are the University of South Africa and the University of Natal, Durban, with 13 each. The University of Oxford is in fourth place with eight articles followed by Rhodes University and the Rand Afrikaans University with six each. There are another dozen or so academic institutions who have provided authors of two or more articles in the journal. The authors associated with all the above institutions have supplied three-quarters of the articles published in the journal since 1986.

    When all is said and done, the journal has managed to achieve the goal of the Economic History Society of Southern Africa itself, which was formed in July 1980 "to promote the study of and interest in economic and social history".

    To a large extent the ongoing success of the journal can be attributed to the first editor, Prof Stuart Jones of the University of South Africa, who was co-editor of the first edition and sole editor from 1987 to 1993. Since then he has been co-editor again, with sole responsibility for special issues from March 1995. One of his major innovations was the 1992 introduction of a series of ongoing special issues devoted to a specific topic. Already published have been: Economic interpretations of 19th century imperialism, Vol 7(1), 1992, Entrepreneurs of the industrial revolution, Vol 8(1), 1993, The South African economy in the 1980s, Vol 9(2), 1994. The next special issue is Business imperialism in South Africa, Vol 11(2), 1996.

    On the production side the journal has kept pace with the incredible advances in desktop publishing under Jon Inggs, also of the University of South Africa. Prof Peter Wickins of the University of Cape Town was co-editor for Vol 1(1) and Prof André Müller of the University of Port Elizabeth joined the production team as co-editor in 1993, assuming sole responsibility for ordinary issues from Vol 10(1) in March 1995. Stephen Higgins of First National Bank was Assistant Editor from 1994 to 1995.

    The bulk of this retrospective article is devoted to summaries of all the articles published in the journal so far, which will, hopefully, provide a useful guide to researchers who can then consult the appendix which is a chronological table of contents to date - Volume 1(1), September 1986, to Volume 10(2), September 1995.


  2. IN THE BEGINNING

    The journal was formally launched in July 1986 at the first meeting of the society's newly convened council after the highly successful Fourth Biennial Conference organised by the outgoing president, Prof Frank Coleman, and secretary, Dr Arthur Webb, both of Rhodes University. Two momentous decisions were taken: 1) to rename the society's existing, but somewhat irregular, journal, Perspectives in Economic History; and 2) to bring the new publication out regularly twice a year. The driving force behind the move was the newly elected President, Dr Stuart Jones, then of the University of the Witwatersrand. The idea was unanimously supported by the new council who were well-aware that Perspectives had only seen the light of day on three occasions over the previous six years.

    Stuart Jones and Peter Wickins were duly appointed the first co-editors along with Jon Inggs as the assistant editor in charge of production. Jon's electronic editing expertise stemmed from initial experience on the newspaper world's stalwart mainframe Atex system in 1980, via a 1980 vintage Commodore business computer, to the rapidly evolving dominance of IBM personal computers. Members of the first editorial board were: Prof Christopher Platt (University of Oxford), Prof Theo Barker (London School of Economics), Prof Roger Gravil (University of Natal, Pietermaritzburg), Prof Gavin Maasdorp (University of Natal, Durban), Prof André Müller (University of Port Elizabeth), Dr Diederik Goedhuys (South African Reserve Bank), Dr Arthur Webb (Rhodes University), Katherine Munro (University of the Witwatersrand) and Grietjie Verhoef (Rand Afrikaans University). Since then Prof Platt has unfortunately died. Prof Myra Wilkins (Florida International University), Prof André Ulpat (University of Avignon), Prof Anthony Lumby (University of Natal, Durban) and Trevor Jones (University of Natal, Durban) have since joined the board. Peter Wickins unfortunately had to give up his co-editorship after a year when he retired from the University of Cape Town. He continued as a member of the editorial board until he moved to Britain.

    After much feverish work behind the scenes to round up enough articles, get them vetted and typeset, the journal appeared for the first time in September 1986 in the form of Volume 1(1). Most of the articles were based on papers presented at the society's banking and business history conference held the previous April at the University of the Witwatersrand and Rand Afrikaans University. The pioneer authors were: Dr Gwyn Campbell (University of the Witwatersrand), Maryna Fraser (Barlow Rand), Jon Inggs (University of South Africa), Dr Stuart Jones (University of the Witwatersrand), Dr John Latham (University of Wales, Swansea), Prof André Müller (University of Port Elizabeth) and Prof Peter Wickins (University of Cape Town).

    In the meantime, steps were taken to get the journal accredited for South African university subsidy purposes. This honour was awarded in due course, retrospective to the very first volume.


  3. TECHNICAL ADVANCES IN PRODUCTION

    The production of the South African Journal of Economic History reflects in many ways the incredible advances that have recently been made in computer-based desktop publishing. Way back in 1986, Vol 1(1) was laboriously typed by Mrs Gertie van Rensburg of Unisa's Economics Department on a then state-of-the-art 4,77 MHz IBM XT personal computer running the now defunct IBM DisplayWrite word processing package. The camera ready master copy took a painstaking 15 hours to print on an IBM QuietWriter thermal printer.

    A decade later, the text of this edition of the journal was mainly submitted by the authors in electronic format and the remainder scanned on a Hewlett Packard ScanJet IIp and converted into electronic text using Omnipage Pro optical character recognition software. The editing was done in XyWrite 4 on a 133 MHz 486 DX4 personal computer running 140 times faster than the original 1986 IBM XT. The equivalent printing time of Vol 1(1) would have been about seven minutes on a Brother 1260 laser printer which is something in the order of 130 times faster than the excruciatingly slow 1986 QuietWriter.

    Apart from Vol 1(1), all the journals to date have been produced using XyWrite which even in 1996 remains the fastest and most versatile DOS-based text editor available. Not surprisingly its roots lie in the newspaper world's mainframe Atex editing system on which most South African journalists cut their teeth in the early 1980s. On the PC front, however, the modern trend towards semi-desktop publishing Windows-based word processing packages is definitely a step backwards as far as speed and text manipulation is concerned. Fairly sophisticated layout capabilities have been traded for a drop-off in performance which has to be compensated for by faster and more expensive hardware. As a result the journal is now edited using the no frills XyWrite 4 for DOS and then laid out in Ventura 5, a Windows desktop publisher, so that the best can be had from both environments.

    Perhaps the greatest breakthrough in the journal's production history was gaining permission in March 1990 to be printed at the University of South Africa - one of the biggest in-house printing presses in the world. Until then, the journal was printed very expensively at a variety of outside printers ranging from as far afield as Pietermaritzburg and East London. As a result, today in 1996 the journal costs a fraction to produce compared to 1986. This is all thanks to Unisa's generous printing endowment as well as the electronic submission and scanning of articles.


  4. THE SOUTH AFRICAN JOURNAL OF ECONOMIC HISTORY 1986-1995


    Volume 1, No 1, September 1986

    Ethnic Chinese multinationals in the international grain trade before the Second World War, pp 4-18: Dr John Latham (University of Wales, Swansea) is the first of the seven authors in the inaugural volume of the journal. His article shows up the ethnocentric perception of most Western economic historians by looking at the international grain trade, which in the West is traditionally seen to be the movement of wheat. To the contrary he shows that rice is the most important food grain in the world. However, the two grains are not independent in world markets. He reveals that the linking of the rice market to the wheat market was one of the key features of international economic development in the late nineteenth century.

    England, Holland and the capitalist commercial revolution of the seventeenth century, pp 19-41: Dr Stuart Jones (University of the Witwatersrand) looks at the similarities between the commercial revolutions in the Netherlands and England in the seventeenth century despite their difference in chronology. He emphasises: 1) the restructuring of trade within Europe, 2) the development of the colonial trade and 3) the creation of an institutional framework.

    State and private enterprise in the development of the Cape wool-growing industry, pp 42-57: According to Prof Peter Wickins (University of Cape Town), the purpose of his article is to discuss whether, during the formative years of the wool-growing industry in the Cape, the policy of the colonial authorities was beneficial to it or whether it frustrated private initiative or whether it was simply irrelevant. His conclusion is that the state could not compete with private entrepreneurs and its abandoned efforts were of less significance than the combined efforts of progressive farmers.

    The state and the development of the Cape 1795-1820, pp 58-76: Prof André Müller (University of Port Elizabeth) attempts to address the question whether the ending of the Dutch East India Company's rule had any marked effect on the economic life and economic prospects of the Cape colony between 1795 and 1820. Contrary to the prevailing negative view, he shows that before 1820 the new colonial government indeed exhibited a much greater concern for the welfare of its subjects than had been the case under the Dutch.

    Liverpool of the Cape: Port Elizabeth trade 1820-70, pp 77-89: Jon Inggs (University of South Africa) demonstrates the key role Port Elizabeth played in South African trade between 1820 and 1870 when agriculture was king and the mining revolution still something of the future. Port Elizabeth quickly rose to become the Cape's most important trading port at a time when the Cape economy was dominated by the export of wool and inland transport depended on the ox wagon. The discovery of diamonds and gold, along with the onset of the railway age, heralded the beginning of the end. Eventually the "Liverpool of the Cape" was forced into the wings of South Africa's economic stage.

    The monetary and financial crisis of the Merina empire 1810-1826, pp 99-118: Dr Gwyn Campbell (University of the Witwatersrand) explores aspects of the monetary and fiscal crisis which affected the Merina empire in Madagascar in the early nineteenth century. By this he hoped to shed light on the policies of the Merina crown at a critical juncture in its relationships with both external and domestic powers. In a wider context, his article is intended to be a contribution to the economic history of Madagascar, a subject about which very little has been written.

    The value of business archives with special reference to Barlow Rand's archives, pp 119-25: In her article, Maryna Fraser (Group Archivist, Barlow Rand) illustrates the research value of old business records by describing the objectives and contents of the Barlow Rand Archives. The archives form a major part of the company's programme to promote education and scholarship, and to stimulate an interest in South African business history. Unfortunately the situation has changed since that described in 1986 because of the subsequent unbundling of the Barlows group.


    Volume 2, No 1, March 1987

    The problem of numbers: the stock of British investment abroad on 4 August 1914, pp 4-15: Prof Christopher Platt (University of Oxford) hoped to achieve two things in his article. First he gives a simplified form of Britain's position as an overseas investor before 1914. Secondly, and more importantly, he targets the poverty and misuse of numbers in economic history. By raising the wider issue of the problem of numbers, he suggests that the indifferent numerical base of a fashionable, econometric approach to the research and writing of economic history has done much damage to both subject and profession. "Playing with other people's numbers is one thing; working them out, with real knowledge of place and period (and common sense), is quite another."

    Entrepreneurs and the social sciences, pp 16-31: Prof Leslie Hannah's (London School of Economics) article covers the same topic as his inaugural lecture at the London School of Economics in October 1983 when he became Britain's first professor of business history. It is based on the paper he gave to the society's Business History Conference held at Wits and RAU in September 1983 in which he looked at entrepreneurs and the social sciences.

    Pastoral proficiency in nineteenth century South Africa and Australia: a case of cultural determinism?, pp 32-47: Dr Peter Wickins (formerly of the University of Cape Town) compares pastoral proficiency in nineteenth century South Africa and Australia. He highlights South Africa's poor performance and concludes that it "is beyond question that the South African wool-growing industry performed less well than the Australian". This was as a result of the timing of the industry's take-off, South Africa's general comparative disadvantage and the lack of population and wealth.

    Black advancement in the secondary sector of the South African economy 1880-1980, pp 48-67: Dr Stuart Jones (University of the Witwatersrand) looks at Black advancement in the manufacturing sector of the South African economy between 1880 and 1980. He does not attempt a comprehensive analysis of why economic development in South Africa took the form it did, nor does he get drawn into the debate about the role of capitalism in promoting change. Instead he surveys the more important findings or recent research on the topic. Although it is impossible to escape from the consequences of political discrimination, he argues, it is nevertheless possible to identify areas in which sustained economic progress was made and which, in the long-run, are likely to lead to a transformation of society.

    The establishment and development of the Cape fresh fruit industry 1886-1910, pp 68-91: Prof Chris Aucamp (University of Venda) gives an overview of the establishment and development of the Cape fresh fruit industry between 1886 and 1910. Although the cultivation of fresh fruit dates back to Jan van Riebeeck, it was, however, only in 1886 that the production of fresh fruit became a viable proposition for local farmers. Amongst a variety of factors, the sharp increase in the demand for fresh fruit in Europe during the second half of the nineteenth century was the driving force behind the development of the Cape fresh fruit industry.

    Railway development in Swaziland 1964-1986, pp 92-115: Prof Gavin Maasdorp (University of Natal, Durban) traces the development of the Swaziland Railway from the opening of the line to Mozambique in 1964 until the completion of the north-south link with South Africa in 1986. As was the case in neighbouring South Africa, it was mining that finally ushered in the railway age to this landlocked country. Despite schemes dating back a century, it was eventually the discovery of high-grade iron ore at Bomvu Ridge near the country's western border which provided the ultimate justification for the railway.


    Volume 2, No 2, September 1987

    The vulnerability and role of railways in small, landlocked countries - the Swaziland experience, pp 4-25: Prof Gavin Maasdorp (University of Natal, Durban) follows up his article in Volume 2(1) by examining the role of the Swaziland Railway in the local economy and its links with the South African network. The aim of the article is to examine the political and economic vulnerability of a small, landlocked country.

    The financing of Rhodesia as a siege economy, pp 26-34: Edward Osborn (Nedbank) analyses the financing of Rhodesia's siege economy. He shows that the financing of UDI development was made possible by the severest constraint on personal and government current expenditures forcing a high level of savings, which were supplemented to an important degree in the first 10 years by corporate borrowing from abroad. As the war escalated, foreign corporate investment from abroad fell away and were mainly replaced by financial support from South Africa.

    The evolving instruments of monetary policy, pp 35-48: Dr P.D.F. Strydom (Chief of Strategic Research, SANKORP) shows that the major factor which determined the direction of change in monetary policy was the development of financial markets and the integration of these markets on a global basis. In his analysis he concentrates on the most important instruments of monetary policy applied in the major industrial countries in the West during the 1970s and the 1980s while emphasising developments in South Africa. During this period certain instruments of monetary policy were abandoned, new ones were developed while the relative importance of others increased.

    The Natal coal industry in the South African economy 1910-1985, pp 49-70: Dr Ruth Edgecombe and Prof Bill Guest (both University of Natal, Pietermaritzburg) in their article look at the Natal coal industry and the South African economy between 1910 and 1985. Despite a massive relative decline in the twentieth century, the Natal coal industry played a critically important role in the creation of the modern South African industrial state which was built on the twin struts of steel and electricity.

    The establishment of the Netherlands banking tradition in a British colony: the activities of the Netherlands Bank of Rhodesia/Rhobank 1952-1980: a preliminary study, pp 71-89: Dr Grietjie Verhoef (Rand Afrikaans University) shows how the Netherlands Bank of Rhodesia (later Rhobank) grew into that country's major bank between 1952 and 1980. Despite initially being overwhelmingly foreign trade-orientated, the rapid growth took place during 1960s when the British-owned banks found themselves at a competitive disadvantage. Nedbank Rhodesia's particular achievement was its growth despite international political obstacles and the fragile political conditions in the country. However, it is debatable whether in the long-run Nedbank in South Africa benefited from its move into Rhodesia.


    Volume 3, No 1, March 1988

    The nature of the Rothschild Loan: international capital and South African railway diplomacy, politics and construction 1891-1892, pp 4-19: Prof Kenneth Wilburn (East Carolina University) looks at the history of the Rothschild Loan to the Nederlandsche Zuid-Afrikaansche Spoorweg Maatschappij (NZASM) and analyses the relationship between it and the 1890 Sivewright Agreement with NZASM. A further continuum between the two loans was the attempt by Rhodes to use them both to obtain control of the Delagoa Bay railway. Ultimately, the Sivewright Agreement and the Rothschild Loan financed the railway infrastructure South Africa needed to stimulate economic recovery.

    Smith's coasters: the shipping interests of C.G. Smith 1889-1966, pp 20-32: Paul Dickinson (University of the Witwatersrand) sketches the history of Charles George Smith's involvement in the South African coaster industry. Coastal shipping played an essential role in the development of the South African economy by reducing the costs of transportation and fostering the growth of markets, particularly after 1850. C.G. Smith entered the embryonic coastal trade in 1889 to provide a service for his other business ventures and occupied a dominant position in the industry for three quarters of a century.

    Change and development in short-term insurance in South Africa 1950-1985, pp 33-44: Angus Laing (University of the Witwatersrand) provides an introduction to some of the main issues which had a bearing on the development of the short-term insurance industry in South Africa between 1950 and 1985. He maintains that the main issues were, first the growth and domestication of the direct insurance market and secondly the emergence of a professional reinsurance market in South Africa, which itself was a product of the changes in the direct market. Ultimately, it was the government's efforts to reduce South Africa's dependence on foreign insurance facilities, rather than the growing demand for insurance cover, which was responsible for the emergence of the modern short-term insurance sector in South Africa.

    African purchases of Crown lands in Natal 1880-1903, pp 45-60: Dr John Lambert (University of South Africa) looks at the various attempts by the Natal colonial administration to encourage Africans to purchase Crown land to alleviate the growing pressure that rapid population growth was placing on African society in Natal. He shows the increasing inability of the new landowners to meet their payments and the increasing opposition of the White farming community to African land purchases, especially after the granting of responsible government in 1893.

    Economic limits to bus apartheid in Cape Town 1948-1979, pp 61-70: Gordon Pirie (University of the Witwatersrand) shows that between 1948 and 1979, when most of South Africa's bus services were municipal undertakings, the Nationalist government enforced racial segregation on buses. In Cape Town, however, the bus service was operated privately and, although several attempts were made to enforce bus apartheid, economic realities outweighed political considerations. He demonstrates that the private sector was not necessarily a beneficiary or handmaiden of apartheid and shows that conflict between economic efficiency and racial policy was not automatically resolved in favour of ideology.

    The Northern Cape manganese fields: development and effect on the surrounding agrarian community 1922-1948, pp 71-88: Dr P.H.R. Snyman (Human Sciences Research Council) traces the history of the manganese industry in the Northern Cape from when manganese was first discovered there in 1922 to 1948 when the discovery of other minerals gave momentum to large-scale mining operations in the region. He also examines the effects of the manganese industry on the surrounding agrarian community. Manganese mining brought sweeping changes to the economic and social structure of the Northern Cape and provided South Africa with a new mining industry and yet another strategic mineral.


    Volume 3, No 2, September 1988

    Economic growth in the long-run and in the short-run, pp 4-15: Dr Stuart Jones (University of the Witwatersrand) focuses on the causes of growth, a subject that has in recent years attracted the attention of both historians and economists. Economists tend to concentrate on economic growth in the short term while historians tend to look at it in the long term. He concludes that one factor is common to all arguments about economic growth in the medium-term, long-term and very long-term, and that is the crucial importance and unique role of Europe. In Europe, therefore, lies the key to understanding the growth process and thus Africa's hopes for progress must lie in responding to Europe's growth.

    Some demographic observations on white urbanisation in South Africa 1904-1948, pp 16-39: Jenifer Dagut (University of the Witwatersrand) looks at the urbanisation of Whites in South Africa during the first half of the 20th century. The dispersal of small closed societies, the multi-phase migration, the growth of towns and cities, the structural change in the labour markets, took place in South Africa as parts of the process of White urbanisation between the Anglo-Boer War and the years immediately after World War II. The demographic evidence suggests that a small sample of the total population was moving into a `first world' environment at a time when, and perhaps because, the rest of the population was not. Space, aid and political clout minimised the risk of overcrowding and squatting for the urbanising Whites experienced in the rest of the world.

    Financing an infant coal industry: the case of the Natal collieries, pp 40-60: Prof Bill Guest (University of Natal, Pietermaritzburg) finds that it is difficult to make generalisations about the financial structure of Natal's infant coal industry from the 1880s onwards because circumstances varied from one colliery to the next as extensively as the mining conditions with which they had to contend. Individuals who invested in Natal coal-mining were attracted from a wide variety of occupational backgrounds and were almost all lacking in mining expertise or knowledge of the vagaries of the coal market. While the majority of Natal's early coal companies were initially financed and controlled from Durban, British investment capital played a significant role in sustaining them.

    Port Elizabeth's response to the expanding economy of Europe 1820-1870, pp 61-84: Jon Inggs (University of South Africa) looks at the growth of Port Elizabeth as a corollary of the expanding economy of Europe. The town was established after the arrival of the 1820 Settlers who were a product of unemployment in Europe. These settlers established the wool-growing industry in the Eastern Cape which in turn was a response to the sustained expansion of the British wool textile industry. Thus Port Elizabeth became the Cape's premier export port from the 1850s, but the discovery of diamonds and the onset of the railway age heralded the beginning of the end of Port Elizabeth's domination of South African foreign trade. Finally, when South Africa's economic centre moved to the gold fields of the Witwatersrand, the "Liverpool of the Cape" was forced into the wings of South Africa's economic stage.

    The Munich Reinsurance Company of South Africa 1968-1985, pp 85-103: Angus Laing (University of the Witwatersrand) studies the growth and performance of the Munich Reinsurance Company of South Africa and the impact it had on the South African reinsurance market. The company originally emerged as part of the second wave of reinsurance companies established in South Africa. Less than two decades after its founding in 1968, in terms of gross premium income and short term assets, it had become the largest short term reinsurer in South Africa. Inevitably as a result of this rapid growth, the MRSA generated a lot of hostility within the South African reinsurance market and indeed it has often borne the blame for many of the woes of the reinsurance market with little attention being taken of the company's actual impact on the market.

    Economic history and theories of the multinational corporation, pp 104-24: Dr Anthony Lumby (University of Natal, Durban) reviews the history and many theories of multinational corporations (MNCs). He concludes that the lesson for economic historians is that they should not be deterred by the apparent complexity and variety of the theories of the MNC. Instead, the relevance of these theories can be made much more accessible if they are viewed as variations on a theme: the exploitation of market imperfections that have changed over time. Only if economic historians make a more conscious effort to fulfill the dual roles of "data gatherer" and "data processor" - in combining history and theory - will they be able to defend their discipline against Kindleberger's opprobrium that economic history is "great fun" but not very useful for understanding what happens in the real world.


    Volume 4, No 1, March 1989

    The impact of multinational corporations, pp 4-20: Prof Mira Wilkins (Florida International University) describes the development of modern multinational corporations from the late 1870s when transportation and communication innovations made it possible, for the first time, to coordinate in a meaningful manner business activities over long distance. She then compares the American model with others and concludes that multinational enterprise has historically been an effective institution in the transfer of business knowledge and that its economic impact has been formidable. South Africa would have been less prosperous than it is were it not for the contribution of multinational enterprise.

    The Umzimkulu Sugar Company Limited 1904-1940, pp 21-33: Paul Dickinson (University of the Witwatersrand) shows that during the first half of the 20th century the Umzimkulu Sugar Company experienced severe financial difficulties because of mismanagement and the poor siting of the mill. He concludes that Umzimkulu was for most of its history a "Cinderella" Company, although it did become profitable in the late 1930s. It was able to prosper thanks to C.G. Smith's financial resources.

    The emergence of the Victorian housing market of Johannesburg, pp 34-46: Dr Graeme Hart (University of the Witwatersrand) evaluates the evolution of the Johannesburg housing market during the late Victorian era. He reviews the major social, economic and other determinants of land values and assesses their impact upon spatial patterns of residential development. He finally examines the relationship of each determinant to their appropriate concepts and models.

    The customs tariff and the cement industry in South Africa 1886-1939, pp 47-67: Dr Anthony Lumby (University of Natal, Durban) focuses on the role that dumping duties and customs tariffs played in the expansion of the cement industry prior to 1939. He concludes that the government and local cement manufacturers condoned the use of internal dumping to meet foreign competition and also maintain output. Although the cement industry may have achieved considerable expansion prior to the Second World War, the expansion contributed little to the socio-political objectives of the government, while the greater interest of the national economy did not always prevail over the sectional interest of manufacturers.

    The South African maize industry's response to the Great Depression and the beginnings of large-scale state intervention 1929-1934, pp 31-48: Dr Anthony Minnaar (Human Sciences Research Council) traces the struggle of maize farmers during the Great Depression. He examines government legislation designed to assist the South African maize farmer. However, the problems associated with overproduction, low prices, lack of diversification and the efforts to control prices to producers merely foreshadowed present problems being experienced by the South African maize industry. The solutions advocated in the 1930s proved to be no solutions at all - the answer lay in reducing the number of maize farmers - a development that was only to take place a half century later.

    The effects of climate and disease on African farming in Natal 1895-1905, pp 79-90: Narissa Ramdhani (University of Connecticut) analyses several natural disasters (rinderpest, East Coast Fever and adverse climatic conditions) which plagued Black farmers in Natal between 1895 and 1905. She illustrates how these disasters influenced their agricultural pursuits and concludes that the accelerated movement of Zulus to the Witwatersrand during the first decade of the twentieth century was as a direct result of these adversities. These disasters draw attention yet again to the influence of random factors in history and warn against coming to facile or simplistic generalisations about causes in history.


    Volume 4, No 2, September 1989

    Industrial protection and employment creation in South Africa during the inter-war years, pp 5-24: Sean Archer (University of Cape Town) discusses the economic policy debates of the inter-war years, focusing on the key instrument of the policy, the tariff which was a schedule of taxes, in the form of customs duties levied on imported commodities, aimed at shielding local manufacturers from foreign competition. He outlines how to determine whether the inter-war tariff was beneficial in terms of nett job creation and gives an historical and comparative background to the 1925 change in industrial policy. He concludes that many social forces converged upon the tariff in the inter-war years, and it was probably the single most significant economic measure of the period.

    The Cape Orchard Company: its distribution to the fresh fruit industry of the Western Cape 1882-1910, pp 25-36: Prof Chris Aucamp (University of Fort Hare) outlines the factors promoting the growth of the South African fresh fruit industry. He focuses on the establishment of the one of the pioneers in agricultural development and fruit exports, the Cape Orchard Company (COC). He concludes that without this company's contribution, the fruit industry would not have developed as far as it had by 1910. However, the development of ocean and railway transport in southern Africa, as well as technological developments in electricity supply and refrigeration, also contributed to this success along with the increasing demand for fresh fruit from Europe and southern Africa.

    South Africa's balance of payments 1946-1985, pp 37-54: Prof Philip Mohr, Mariana Botha and Jon Inggs (University of South Africa) identify some of the major non-cyclical or structural changes in the balance of payments in the post-war period up to the foreign-debt standstill of August 1985. They briefly describe the "typical" cyclical pattern of the balance of payments before discussing the major changes in South Africa's balance of payments constraint during the period and then looking at developments in some of the major components and subaccounts of the balance of payments between the end of the World War II and 1985..

    A history of the South African mohair industry 1838-1971, pp 55-77: Dr Tony Pringle (University of the Witwatersrand) shows how the South African mohair industry has experienced times of extreme hardship and discord. He traces the foundation and growth of the industry in the 19th century, its trials and tribulations during the depression era and finally looks at its modern developments. Although mohair has the desired physical properties to enable it to challenge wool as a textile fibre in the period since its introduction to the Cape Colony in 1838, it has, unlike wool, become a long-term farming proposition in only a few districts. The free enterprise system was favoured by numerous producers but the majority were prepared to accept that mohair required some form of price stabilisation.

    The circumstances leading to the formation of the Natal Bank in 1854, pp 78-90: Prof Arthur Webb (Rhodes University) investigates the economic circumstances prevailing in Natal in the mid-19th century in order to understand the motivation for the formation of the Natal Bank in 1854. He discusses the role of various companies in the establishment of the Bank and outlines the rivalry between the backers of the Natal Bank and the Archbell partnership. He concludes that the issuing of paper money by the Archbell partnership proved conclusively that the Natal colony was prepared to accept, at least to a limited extent from a local institution, such a medium for the furthering of commercial transactions. With the collapse of the partnership came the opportunity for others to enter the field.

    The decline of the British pound as a key currency, pp 91-108: Prof G.M. Wessels (University of the Orange Free State) analyses the main explanatory determinants of the declining phase of the British pound because it was the dominant international key currency during the nineteenth and a considerable part of the present century. His analysis is motivated by the fact that foreign currencies comprise the major component of international reserves and the welfare and efficiency of the global monetary system are intimately intertwined with that of its key currency. An investigation into the decline of the pound's former dominant role reveals not only the underlying explanatory forces of its course, but also their implications for the wider realm of international monetary matters. He therefore attempts to distill conclusions with a contemporary meaning for the role and presence of key currencies in the present international monetary system.

    Agricultural revolution in South Africa, pp 109-30: Dr Peter Wickins (formerly University of Cape Town) attempts to establish an acceptable definition for an agricultural revolution and bases it mainly on quantitative criteria. He goes on to discuss several objections to the output criterion and concludes that South Africa did indeed experience an agricultural "upheaval" starting in the 1940s. He believes that South Africa's agriculture's post-war achievement was remarkable but feels that an economic revolution does not require a total transformation, nor an advance on a broad front. He goes on to mull over two questions which have, as yet, not been adequately answered: the explanation for the improved agricultural performance in South Africa and the contribution of agriculture to industrialisation.


    Volume 5, No 1, March 1990

    A comment on the real forces in South Africa's industrial growth prior to 1939, pp 1-9: Dr Anthony Lumby (University of Natal, Durban) assesses the validity of two popular views on the forces in South Africa's industrial growth by looking at the impact of the mining revolution World War I. He attempts to rectify the naive correlation that has been drawn between the mining revolution and the origins of local industry and places the impact of the World War I on industrialisation in its proper perspective. He believes that in reality it was only through its long-term and indirect effects that the discovery and exploitation of South Africa's mineral deposits provided the original stimulus to local manufacture, while the greatest stimulus to local industry before the World War II came from the combined influence of the World War I, tariff protection after 1925 and, above all, the unprecedented expansion in gold mining after South Africa's abolition of the gold standard and devaluation in December 1932.

    A century of customs unions in Southern Africa 1889-1989, pp 10-30: Prof Gavin Maasdorp (University of Natal, Durban) briefly discusses southern African customs unions between 1889 and 1909 before reviewing the 1910 customs union between South Africa and the High Commission Territories. He then goes on to look at the main issues raised by the various governments in respect of the 1969 agreement between South Africa and Botswana, Lesotho and Swaziland. He finds that customs unions involving what are today South Africa and the BLS countries have survived wars, political independence, political differences and economic vicissitudes. South Africa's agricultural and industrial policies have caused concern to the BLS countries over the years while South Africa, in turn, has been concerned by its declining share of revenue. But, despite these concerns, there is no indication that any member country wishes to withdraw from the Customs union.

    The Great Depression 1929-1934: adverse exchange rates and the South African wool farmer, pp 31-48: Dr Anthony Minnaar (Human Sciences Research Council) maintains that the Great Depression was a time of severe hardship for South African farmers, particularly those relying on the production of wool. He looks at issues such as the reduction in exports, the decline in wool prices, adverse exchange rates and South Africa's prolonged adherence to the gold standard. He concludes that after the depression, farmers, although receiving better prices, still had to struggle with reduced income. It took most farmers many good years before they were free of debts caused by the low prices and the adverse exchange rates experienced during the Great Depression.

    Discrimination and the economic position of the Afrikaner, pp 49-66: Dr Tjaart Steenekamp (University of South Africa) analyses Afrikaners as an interest group or "distribution coalition" pursuing its own objectives by means of political action. He does this by looking at the economic size of the Afrikaner's as a group and relating it to the group's ability to discriminate against other groups. He concludes that economic discrimination is a group phenomenon and Afrikaners as a group discriminated in order to promote their self-interests. Their interest in discrimination was broadly limited by their economic capacity. In time greater economic diversity within the confines of the group led to a blurring of the interest the individual Afrikaner had in promoting his economic interest on a discriminatory basis through collective Afrikaner group action.

    State involvement in the rehabilitation of poor Whites by means of land resettlement at the Hartebeespoort irrigation scheme, pp 67-82: Dr Grietjie Verhoef and Andries du Plessis (Rand Afrikaans University) discuss the reasons for the development of an irrigation settlement at Hartebeespoort. They look at state involvement in this scheme in the wake of widespread political and socio-economic pressures. They conclude that initially land resettlement played a prominent role in the employment of Whites until later industrial expansion opened more opportunities. They also believe that the Hartebeespoort Irrigation Settlement proves that the resettlement of socially and economically dislocated people can have very successful results.


    Volume 5, No 2, September 1990

    Black and Coloured entrepreneurship in historical perspective, pp 1-15: Prof André Müller (University of Port Elizabeth) describes the main ways in which Coloureds and Blacks first became involved as entrepreneurs in the Cape economy before 1870. He looks at slaves in industry and commerce, the rise of "free Black" entrepreneurs, Coloureds in agriculture, Khoikhoi entrepreneurs, cross-frontier trade and the commercialisation of Black farming. However, he concludes that in general dynamic entrepreneurship remained a very scarce resource throughout the period he looks at. The Dutch-speakers were risk-averse and played a minor role as entrepreneurs and even in agriculture their activities were imitative rather than innovative. After 1795 English-speakers and other immigrants therefore soon became the major source of innovative entrepreneurship. Under these circumstances he therefore finds that the entrepreneurial activities of the "non-European" part of the population were of considerable significance for the South African economy.

    The Natal regional economy 1910-1960 in historical perspective, pp 16-39: Prof Bill Guest (University of Natal, Pietermaritzburg) focuses on major developments in Natal's regional economy in the half-century between the formation of the Union of South Africa in 1910 and its transformation into the Republic of South Africa a half century later. He finds that these changes were by no means unique. However, among the more significant changes were: a steady increase in population, labour migrancy and urban drift, a structural transformation involving the emergence of the manufacturing sector as the most prominent source of output, a concentration of industrial and commercial activity in the Durban-Pietermaritzburg district and an ongoing process of integration into the broader national economy.

    Real growth in the South African economy since 1961 (Part I), pp 40-60: Dr Stuart Jones (University of the Witwatersrand) shows that in the three decades after 1960 the South African economy transformed itself. He believes this transformation was fuelled by the growth of the secondary sector followed by mining and agriculture. As a result, by 1990, the South African economy displayed many of the characteristics of developed economy. He finds that this very considerable achievement took place despite the continued existence of a large semi-subsistence sector which, along with the burden of a population explosion, acted as a brake upon growth. However, in the long-run growth has been decelerating. So too has the growth of the population. Unfortunately the growth of GDP has been decelerating at a faster rate than that of the population. The direct cause of this appears to be the decline in the growth of fixed investment that accompanied the rise in the price of gold and the rise in the rate of inflation.

    Foreign trade and economic growth: South Africa during the inter-war years, pp 61-82: Dr Anthony Lumby (University of Natal, Durban) presents an outline of South Africa's foreign trade policy before 1939. Using statistics, he analyses imports and exports by value, imports and exports by volume, the terms of trade and the balance of trade. He points out that, although South Africa's foreign trade from the mid-1920s approximated the Kindleberger's lagging model in which imports loomed larger than exports, this should not be taken to mean that South Africa's dependence upon exports had lessened. He feels that the contrary is true. The remarkable expansion of secondary industry after 1925 was only achieved by an increasing reliance upon a growing volume and value of imported industrial raw materials and capital equipment. However, in the absence of significant manufactured exports, the secondary sector was dependent upon the foreign exchange earning power of the primary sector, especially the gold mines.

    The effects of the Great Depression (1929-1934) on South African White agriculture, pp 83-108: Dr Anthony Minnaar (Human Sciences Research Council) shows that the Great Depression period was a time of immense suffering for all people in South Africa, but the heaviest burden of economic privation was without a doubt carried by White agriculture. The only other sectors that shared comparable difficult times were the Black subsistence farmers in the Native Reserves, and diamond mining whose export market virtually collapsed for the duration of the Depression. He looks at the reduction in South African agricultural exports, the decline in prices, adverse exchange rates, the prolonged adherence to the gold standard and government assistance to White farmers. In addition to the economic difficulties of the depression, the farming sector had to face the added burdens of natural hardships such as the most severe droughts ever recorded, outbreaks of various animal diseases, floods and a large-scale invasion of locusts. These all delayed the economic recovery of agriculture and prolonged the farmer's hardships and suffering.

    From colonial mercantilism to nationalism and socialism in Africa, pp 109-21: Dr Frank Vorhies (University of the Witwatersrand) uses South Africa as a case study for a general observation about the influence of colonialism on economic development. He compares the mercantilist tradition of colonial Africa with the nationalist and socialist traditions of post-colonial Africa. In South Africa, he finds that the post-colonial period was dominated by the nationalism of the ruling Afrikaner-dominated National Party. History suggests that the socialism of the African National Congress will see little change in the structure of the government. He postulates that the similarities between the NP and the ANC might even form the basis for a new alliance.


    Volume 6, No 1, March 1991

    The sources of productivity in the agricultural revolution in England, pp 1-18: Prof Gordon Mingay (University of Kent) shows that, beginning with a series of innovations made in the second half of the seventeenth century, or even earlier, the process of change in English agriculture began to accelerate and the output of the land began to increase more rapidly. The term "revolution" is certainly inappropriate for these changes, since the spread of new techniques was essentially gradual, and was regionally diverse, while the rise in output was far from spectacular. Progress in farming was in fact erratic, moving faster in some branches and some districts than in others. It was a matter not of applying scientific knowledge, but of trial and error. He feels that the main objective of progressive farmers was to increase the productivity of land. Despite all the progress in English agriculture, there were still serious deficiencies and the low productivity of the labour force was still, even in 1900, the most glaring deficiency of them all.

    Sir Evelyn Wallers: mining magnate extraordinaire, pp 19-33: Jocelyn Bell (Gold Fields of South Africa) traces the events leading up to the 1922 miners' strike known as the Rand Revolt. She focuses on the role of the President of the Chamber of Mines, Sir Evelyn Wallers, between 1914 and 1925, a decade of crucial importance to the mining industry when rising socialist consciousness led to rising workers' demands and expectations. She argues that his 1918 presidential address marks a very clear watershed in the history of the South African gold mining industry, and in the socio-economic development of the period. Before 1918, the industry was an exciting adventure, and the rewards for success were great; after 1918, the industry was a mature economic enterprise, facing the problems of satisfying the aspirations of workers, rather than the aspirations of fortune seekers.

    Real growth in the South African economy since 1961 - Part II: The tertiary sector, pp 34-60: Dr Stuart Jones (University of the Witwatersrand) analyses the rate of growth of South Africa's tertiary sector after 1961. He focuses on the commercial services that were directly involved in the production processes such as transport, distribution, finance and the provision of water and electricity. He finds that growth in the business services sections of the tertiary sector in this period were varied. Although the financial services sector was the star performer of the economy, in general the other sectors showed a tendency to reflect the pattern displayed by the growth of the GDP, a pattern in which deceleration is the principal feature. He argues that because the tertiary sector did not perform as well as the secondary sector, this supports the view that South Africa is still a developing country despite the sophistication of the financial sector, the efficiency of transport and telecommunications and the dynamism shown by the retail sector.

    Miners by default: Afrikaners and the gold mining industry before Union, pp 61-80: Dr Elaine Katz (University of the Witwatersrand) asserts that Afrikaners made up a third of miners at the beginning of the 1907 mineworkers strike rather than the 17,5 per cent claimed by most historians. She then goes on to show how she comes to her figure. The steady growth in the proportion of Afrikaner miners from roughly five per cent in 1903 was directly related to the mortality and disablement from silicosis of the "old-timers". The increase brought about by the introduction of strike-breakers in 1907 merely continued the trend.

    The role of cooperatives in colonial Taiwan 1913-1945, pp 81-90: Cheng-Chung Lai (National Tsing Hua University, Taiwan) uses the case of colonial Taiwan to demonstrate that cooperatives play a remarkable role in the macroeconomic and socio-political context. He analyses the structure, performance and long-term trends of Taiwanese cooperatives and looks at their use as instruments of control in the colony. European-type cooperatives were introduced into Taiwan during the colonial period as institutions of rural development, but from the beginning their political role was as important as their economic one. Cooperatives in modern Taiwan, however, are very different because people simply use the title for their businesses to avoid taxes or to enjoy special privileges.

    The tin mining industry in the Transvaal 1905-1914: some social and economic implications and perspectives, pp 91-120: Gail Nattrass (Johannesburg College of Education) assesses the role of the tin mining industry in the Transvaal and the effect it has had on the environment. She compares the local industry to tin mining in other parts of the world and then looks at the role of tin as an international core commodity in the decade preceding World War I when the tin mining industry in both the Transvaal and the Malay States came of age. They were also the years of increased world demand for tin when record prices were reached.


    Volume 6, No 2, September 1991

    Volume 6(2) is of special interest to anyone interested in the economic history of the Eastern Cape. No less than four of the five articles are devoted to that topic. They are all based on papers presented to the Sixth Biennial Conference of the society held at the University of Port Elizabeth in July 1990

    Exploring some aspects of labour and labourers in Port Elizabeth 1870-1914, pp 1-17: Prof André Appel (University of Port Elizabeth) analyses the occupational composition of the Port Elizabeth labour force during South Africa's first phase of industrialisation between 1870 and 1914. He focuses on occupational mobility and industrial relations between employers and employees. Among all population groups in Port Elizabeth during the late 19th and early 20th century, the labour force consisted chiefly of unskilled labourers. Although upward mobility was possible, it was not a general socio-economic phenomenon. He concludes that labour relations should not be seen in an oversimplified context of White employers exploiting Black employees inhumanely. At the same time, however, employer indifference and arrogance did create an insecure working environment for many employees.

    Mercantile activity and investment in the Eastern Cape: the case of Queenstown 1853-1886, pp 18-37: Dr Richard Bouch (Rhodes University) highlights some of the nuances in the way the consolidation of colonial settlement and the operation of the mercantile sector co-existed in Queenstown between 1853 and 1886. He argues that Queenstown, a prosperous mercantile centre tied into the expanding world economy, offers a view of South African capital generation as the pre-industrial era drew to a close. He draws attention to the importance of the African trade to Eastern Cape capitalist ventures in that period and claims that his regional focus helps to expose important formative differences.

    Early Port Elizabeth harbour development schemes 1820-1855, pp 38-71: Jon Inggs (University of South Africa) looks at the host of harbour development schemes proposed for Port Elizabeth during the first quarter of a century of its existence. Only two were to see the light of day and they were so disastrous, that the building of an enclosed harbour for Port Elizabeth was delayed until well into the 20th century. Allthough schemes to improve port facilities at Port Elizabeth date back to just before the town's establishment, during the 1820s and 1830s the Cape treasury was in no position to finance any major public works. Private enterprise therefore forced the pace. The risky nature of harbour development was well and truly demonstrated when the first jetty (1837-43) was destroyed in a storm shortly after being completed. A string of plans followed, culminating in the catastrophic breakwater (1855-67) which was rendered useless by silt in 1867. It thus took the government another half century to sanction any major harbour construction at Port Elizabeth.

    The effects of the "Great Depression" of the late 19th century on East London 1873-1887, pp 72-88: Keith Tankard (Rhodes University) explores how the Great Depression affected East London, a port on the frontier of the British Empire, during the fourth quarter of the 19th century. East London's economy took off in 1868, when diamonds were discovered in Griqualand West, and it was quickly realised that East London was both the shortest and the most convenient route to the diamond fields. Increased revenue enabled the Cape government to embark on its programme of public works - both a new harbour and a railway to Queenstown. The years 1873-1881 were boom ones which saw a rapid increase in trade through East London. However, the change in East London's economic fortunes was sudden and dramatic as the "Great Depression" settled on the town in 1883. There was an exodus from the town and work on the harbour ground to a halt. The depression was finally brought to an end by the discovery of gold on the Witwatersrand in 1886.

    Technological and institutional restructuring, pp 89-106: Conrad van Gass (University of Natal, Durban) explains how the technological revolution is transmitted to, and how it impacts on, a semi-peripheral region such as north-eastern Natal in a semi-peripheral country such as South Africa in the 1980s. He concludes that the fundamental problem facing would-be decision-makers in the region is that the real economic decisions, which affect the region, are made in the boardrooms and commodity exchanges of Johannesburg, London, New York and Tokyo. He argues that as a result of the increasing power of multinational and cross-regional firms, and the ease with which financial flows are directed across the globe, the power to make coordinated decisions on economic development is passing out of the hands of national or regional governments.


    Volume 7, No 1, March 1992

    Volume 7(1) is the first of the journal's special issues devoted to a specific topic. This innovation was mooted by the editor, Stuart Jones.

    Economic interpretation of 19th century imperialism, pp 1-26: Dr Stuart Jones (University of the Witwatersrand) outlines economic interpretations of 19th century imperialism. He shows how the Hobson-Lenin thesis gave way to the Robinson-Gallaghan thesis and the imperialism of free trade. This in turn yielded to the recent Cain-Hopkins thesis which sees nineteenth century imperialism as part of the process of Britain's expanding economy, particularly influenced by metropolitan interests.

    The imperialism of free trade, pp 27-44: John Gallagher and Ronald Robinson (University of Cambridge) explain the fundamental continuity of British imperial constitutional policy throughout the 19th century. It is his main contention that the process of expansion reached its most valuable targets long before the exploitation of so peripheral and marginal a field as tropical Africa. The work of imperialism in the so-called expansionist era was in the more intensive development of areas already linked with the world economy. In tropical Africa the imperialists were merely scraping the bottom of the barrel.

    "Imperialism": an historical revision, pp 45-72: Prof D.K. Fieldhouse (University of Oxford) draws together some of the more important arguments that have been put forward for and against J.A. Hobson's conception of the nature of imperialism. He concludes that Hobson's analysis is defective. However, a paradox should be noted. The fact that his analysis was defective is probably the result of his having grasped one essential truth about the imperial movement - that it had become irrational.

    "The imperialism of free trade": some reservations, pp 73-87: Prof D.C.M. Platt (University of Oxford) has reservations about the core of the Gallagher-Robinson thesis in the continuity which they claim to have found in British imperial policy between 1830 and 1860. He feels that the error in the "imperialism of free trade" is in the assumption that the mid-Victorians had enlarged view of government responsibilities; that the government worked to maintain British paramountcy by whatever means; that mid-Victorian statesmen and officials were ready to undertake informal control if possible, rule if necessary, in the interests of British trade.

    Further objections to an "imperialism of free trade" 1830-1860, pp 88-106: In this second article, Prof D.C.M. Platt (University of Oxford) outlines his objections to the concept of imperialism of free trade. He argues that the three main areas that are habitually described as falling within Britain's informal empire of trade and investment, namely Latin America, the Levant and China, could hold out no prospects for an expanding return trade.

    The role of economics in the expansion of the empires 1830-1914, pp 107-23: Prof D.K. Fieldhouse (University of Oxford) outlines the role of economic factors in European imperialism between 1830 and 1914. He feels that empire-building occurred on so large a scale in the last two decades of the 19th century, rather than at some previous time, and affected parts of Africa, Asia and the Pacific and not other regions, because it was in that period and in those places that relations between representatives of the advanced economies of Europe and other less-developed societies became fundamentally unstable.

    Britain and economic development in Africa, Asia and South America in the age of empire, pp 124-49: Dr Stuart Jones (University of the Witwatersrand) finds that in India, Africa and South America contact with the expanding economy of industrialising Britain brought about significant changes. These were most dramatically seen in the infra-structure projects and in export-led growth. Yet popular myths about exploitation have flourished, even though in India the effects of the "drain" amount to less than one 20th of one per cent of India's national income between 1870 and 1900. Super profits were not made in Tropical Africa, nor was South America underdeveloped. In response to the challenge emanating from the industrialisation of the core, all chose export-led growth as the means of laying down the foundations for later industrialisation.

    Gentlemanly capitalism and British expansion overseas: the old colonial system 1688-1850, pp 150-82: P.J. Cain and A.G. Hopkins (University of Birmingham) advances a new perspective on British imperialism for the period between the Glorious Revolution and the World War II. They establishes a connection between gentlemanly capitalism based on landed wealth and overseas expansion, particularly in its imperialist form.

    Gentlemanly capitalism and British expansion overseas: new imperialism 1850-1945, pp 182-215: In their second article, P.J. Cain and A.G. Hopkins (University of Birmingham) put a new perspective on British imperialism over the period from 1850 to 1945. They focus on the more complex and more extensive expansion of gentlemanly interests which came to the fore after 1850. They highlight the rapid evolution of finance and commercial services.


    Volume 7, No 2, September 1992

    Presidential address, pp 1-6: In his address to the Seventh Biennial Conference of the Economic History Society of Southern Africa in Pietermaritzburg in July 1992, Prof Bill Guest (University of Natal, Pietermaritzburg) gives an overview of the state of economic history taught at South African universities and advocates the need for transformation.

    Sugar and gold in the making of the South African labour system: the crisis of supply on the Zululand sugar estates 1906-1039, pp 7-33: Prof Alan Jeeves (Queens University at Kingston, Canada) demonstrates that the later development of the labour system on Zululand sugar plantations mirrored that of the gold industry in many respects. He concludes that as political demands mounted from farmers, both the state and the bureaucracy were impelled toward remedies which offered or appeared to offer quick solutions. Foreign labour, which was anyway pouring into the country, seemed to offer such a remedy if only it could be diverted towards the farmers who were politically best placed to demand policies in their interest. However, the state's regulatory efforts in the Zululand border areas were largely ineffective. Competition between mines and various farming interests inside and outside Zululand intensified.

    The limits of industrialisation in "New Societies": an Australian perspective, pp 34-52: Dr Colin White (La Trobe University, Australia) shows by using the Australian example that, while the theory of economic development of "new societies" occurs in two stages: an initial exploitation of natural resources yielding a series of export staples and then a process of import substitution based mainly on manufacturing, in practice the two occurred simultaneously.

    Foreign and local investment in the South African motor industry 1924-1992, pp 53-81: David Duncan (University of the Witwatersrand) explores the history of investment and disinvestment in the motor industry over 70 years. He describes the sources, scale and motivation behind investment in both the assembly and components sectors. He concludes that, for all the interest that has been shown by overseas motor manufacturers in South Africa, there remains little prospect for growth through investment until the political impasse is resolved, and management, labour and the state can agree on the basic requirements for the industry's future prosperity.

    The settling of New Netherland, North America 1613-1664, pp 82-100: Dr Diederik Goedhuys (formerly South African Reserve Bank) looks at 50 years of Dutch colonisation in the New Netherlands from 1613. He focuses on the north American colony's stumbling progress, the setbacks such as the devastation caused by the Indian War, and the restrictive and retarding effect of the West India Company's monopoly, neglect, and mismanagement. He then speculates on whether the organisers of the Cape settlement in 1652 had learnt from the mistakes that had occurred in the New Netherlands.

    Environmental economics and the shaping of development strategies, pp 101-26: Prof Anthony Lumby (University of Natal, Durban) emphasises the need to study the environmental problems of resource depletion and pollution which mirror society's relationship with the environment. He explains the origin and theory of resource depletion. He goes on to analyse the solutions proposed by the modern theory of optimal pollution control and highlights the role of the state in combating environmental problems.

    "Working in the Grave": mining accidents on the Witwatersrand gold mines c1900-1940, pp 127-58: Matthew Smith (Rhodes University) develops an earlier argument that the colour bar was mainly responsible for not containing the high rate of accidents in South African mines, by exploring the high incidence of injuries, the nature of the accidents and how officials reacted to them. He concludes that the most dismaying reason for accidents was the exclusion of African miners from an active role in accident prevention. Those who attempted to involve themselves in accident prevention were often ignored with devastating results.


    Volume 8, No 1, March 1993

    This edition of the journal is the second of the special issues devoted to a single topic. It was edited by Stuart Jones and Jon Inggs.

    Introduction: entrepreneurs of the industrial revolution, pp 1-18: Prof Stuart Jones (University of South Africa) looks at changing developments in economic history and examines the role of the entrepreneur in the process of economic growth. He briefly reviews the articles that follow in which examples of entrepreneurship are covered in each of the major industries of the British industrial revolution era.

    The entrepreneur in brewing 1700-1830, pp 19-35: Prof Peter Mathias (University of Oxford) focuses on the nature of the brewing industry in Britain during the period 1700 to 1830. He looks at the kind of person entering the London porter market and analyses the common factors that brought success.

    Josiah Wedgwood: an eighteenth-century entrepreneur in salesmanship and marketing techniques, pp 36-66: Neil McKendrick (University of Cambridge) analyses the reasons for Josiah Wedgwood's success as an 18th century entrepreneur. He looks at his successful approach to marketing as well as his pricing policy.

    Eighteenth-century commerce and fashion: Matthew Boulton's marketing techniques, pp 67-90: E. Robinson (University of Manchester) highlights the entrepreneurial originality of the 18th century button maker, Matthew Boulton. He focuses on Boulton's approach to the marketing and sales of buttons, buckles, chapes, steel chains and other mass-produced small "toys".

    The Peels in the early English cotton industry, pp 91-120: Dr Stanley Chapman (University of Nottingham) examines the origins and growth of the Peel empire in the early English cotton industry. He looks at the reasons for the unusual success of this prodigy of the industrial revolution.

    Marketing organization and policy in the cotton trade: M'Connel and Kennedy of Manchester 1795-1835, pp 121-33: C.H. Lee (University of Aberdeen) analyses the marketing organisation and policy of M'Connel and Kennedy in the British cotton trade. He identifies some of their major problems and shows that the firm's marketing policy was an important factor contributing to their considerable success in the cotton industry at a time when so many other ventures failed.

    The fortunes of a Leeds merchant house 1780-1820, pp 134-51: R.G. Wilson (University of East Anglia) studies the Rhodes family of Leeds as an example of successful entrepreneurship in the 18th century British woollen industry. He highlights Abraham Rhodes's qualities demonstrated by his joining the ranks of the important Leeds cloth merchants. He then shows his continued success by concentrating on worsteds and penetrating the American market.

    Richard Reynolds, 1763-1772 and Abraham Darby III, 1768-1789, pp 152-67: Arthur Raistrick briefly traces the life of Richard Reynolds and clarifies the family link with Abraham Darby III. He then looks at their joint management and development of the Coalbrookdale Company.

    Anthony Bacon and Richard Crawshay, pp 168-81: J.P. Addis considers the relationship between Anthony Bacon and Richard Crawshay and their impact on Merthyr Tydfil in Wales. He reveals the entrepreneurial talents of Crawshay and the importance of connections in the multiplicity of partnerships that ensued. He also emphasises the importance of maintaining a lead in technological progress.

    Joseph Whitworth and the growth of mass-production engineering, pp 181-220: Prof A.E. Musson (University of Manchester) focuses on Joseph Whitworth's role in the growth of mass-production engineering. He highlights Whitworth's bringing into general practice the principles of modern production engineering, based on accurate measurement, precision tools, standardisation, and interchangeability.

    The foundation of the English Rothschilds: N.M. Rothschild as a textile merchant 1799-1811, pp 221-41: Dr Stanley Chapman (University of Nottingham) identifies and examines five features of N.M. Rothschild's business in Britain: cash purchases from small local producers; employment of commission dyers and printers to produce fashion goods for the Continental trade; obtaining credit from London and Continental connections; direct sales to customers abroad; attempting to by-pass the European fairs; and an explicit sales policy of high turnover and low profit margins.

    The entrepreneur in banking: the private bankers of Manchester 1770-1825, pp 242-55: Prof Stuart Jones (University of South Africa) identifies the essential qualities of the banking entrepreneur and looks at the outstanding private bankers of Manchester during the period 1770 to 1825. He examines the impact of the cotton industry and religion on banking during this period.


    Volume 8, No 2, October 1993

    The application of the theory of "economic backwardness" to South Africa 1881-1924, pp 1-23: Dr John Bottomley (University of Bophuthatswana) addresses the sterility of the present debate surrounding industrialisation and the development of an apartheid state in South Africa. He argues that the revisionist, liberal and Afrikaner nationalist interpretations are flawed because they provide insular, monotheistic explanations of growth that can not portray the true complexity of South Africa's development. He suggests that the theory of economic backwardness offers important historical insights into South Africa's development.

    Wage regulation for African workers 1918-1948, pp 24-45: David Duncan examines the regulation of wages for African workers between 1918 and 1948 from the viewpoint of the key bureaucratic departments charged with administrating South African labour legislation. He pays special attention to the Native Affairs and Labour departments as well as the Wage Board. He emphasises the contentious and ambiguous nature of wage regulation before 1948.

    Keynes's proposal at the Bretton Woods conference as an exchange rate system, pp 46-57: Dr H.F. Nel (University of the Orange Free State) formulates the requirements for an effective exchange rate system. He then investigates the feasibility of the Keynes's proposal for an international clearing union during the Bretton Woods era and its aptness for contemporary international circumstances. He concludes that Keynes's proposal for an international monetary system, and everything that goes with it, is not applicable as an exchange rate system for contemporary international circumstances because of an wide array of unique characteristics of the economic environment and the present-day international monetary system.

    The Glen Grey Act: forgotten dimensions in an old theme, pp 58-70: R.J. Thompson & B.M. Nicholls (Rhodes University) contest some of the current interpretations of the Cape's Glen Grey Act of 1894. They feel that the measure was intended to serve the labour needs of the farming interest of the Cape Colony and not the labour needs of Transvaal mining capitalists. In stressing the fact that the Glen Grey Act was a measure of the Cape parliament enacted in 1894 their article stress that the "Witwatersrand-centred" interpretations of the Act are, at the very least, anachronistic and to argue that to see the Act as a measure approved by Cape "liberals" is unfair to the vigorous criticisms of the Act that came from within the Cape Colony itself at the time.

    The "Colombian kickstart" in context: are growth and redistribution mutually exclusive?, pp 71-85: A. Smith (University of Stellenbosch) examines the Colombian Plan of Four Strategies by highlighting important structural similarities between pre-1970 Colombia and contemporary South Africa. He looks at the factors which affected the Colombian growth experience and argues that growth and redistribution are not necessarily mutually exclusive.


    Volume 9, No 1, March 1994

    Britain, South Africa and the Entente Internationale de L'Acier: the development of the South African iron and steel industry 1934-1945, pp 1-12: Dr Tim Cross (University of Oxford) focuses on the creation of a profitable South African iron and steel industry dominated by Iscor. He argues that not only did Iscor's decision to join the interwar iron and steel cartel make the corporation profitable and raise steel prices, but it also impacted upon the structure and the extent of the development of the local industry. He concludes that the South African iron and steel industry developed in a forced alliance with the international steel industry during the 1930s and the outbreak of the Second World War was critical in eventually transforming this situation.

    Reform of the labour market in South Africa, pp 13-30: Dr Julian Hofmeyr (University of Natal, Durban) argues that the fundamental cause of the reform of the South African labour market in the 1960s and early 1970s was economic growth which absorbed surplus labour and resulted in a scarcity of skilled labour. The perceived need for more skilled manpower resulted in a radical change of attitude by the state to the whole question of African education. Furthermore, the rapid expansion of the economy contributed to the tensions which resulted in the Soweto explosion of popular revolt in 1976 and the resultant stepping-up of international pressure on the South African regime.

    Productivity in an imperial bank in the age of imperialism: the case of the Standard Bank of South Africa 1882-1900, pp 31-45: Prof Stuart Jones (University of South Africa) tests the productivity of the Standard Bank in its management of capital and labour during the age of high imperialism. He finds that the Standard Bank experienced a persistent decline throughout most of the period, despite the gold discoveries, because of the general economic climate prevailing in the last two decades of the 19th century as a result of the world-wide imbalance between the supply and demand for primary products accompanied by significant reductions in transport costs fuelled the long secular decline in prices.

    Managing South Africa's environmental pollution: The "command-and-control" versus economic instruments debate, pp 46-64: Prof Anthony Lumby (University of Natal, Durban) assesses the effectiveness of the command-and-control approach to South Africa's pollution problem. He reviews some of the alternative measures to curb pollution. He concludes that the distributive impact of environmental policy is of crucial concern in South Africa, especially when seen in the light of a deeply-recessed economy and the pressing need to make up the vast backlogs in such areas as job creation, housing and the provision of social services.

    A historical perspective on the changing role of the International Monetary Fund, pp 65-78: Dr Helena Van Zyl (University of the Orange Free State) explains how the role of the International Monetary Fund in the international monetary system has changed since it was established in the aftermath of World War II. She shows that the function given to the IMF at its founding, namely to advance international monetary stability, continues but not necessarily to the satisfaction of all its members. Its task has been complicated by the presence of limitations and the changing milieu within which it operates. She concludes that, taking into consideration the necessary changes that have been made, it is nevertheless important that the IMF's character should be preserved to ensure international monetary stability in an organised manner.


    Volume 9, No 2, September 1994

    This volume is the third special issue but the first one specifically devoted to South African economic history. A whole series of special issues is planned to cover various aspects of South African economic history.

    An overview of the South African economy in the 1980s, pp 1-18: Prof Stuart Jones and Jon Inggs (University of South Africa) report that, although the South African economy performed poorly in the 1980s, there were nevertheless some significant changes that took place in some of the sectors. They go on to describe the changes sector by sector and also look at what happened to monetary and tax policy in the 1980s.

    South African agriculture in the 1980s, pp 19-48: J.F. Kirsten, J. van Zyl and & J. van Rooyen (University of Pretoria) review the changes in agricultural policy and the major events associated with farming during the 1980s. They conclude that the agricultural sector experienced a steady decline in economic performance after 1973. They feel that this decline was the result of the cost-price squeeze that exerted considerable pressure on farm incomes. This negative trend, however, was countered by an annual growth in productivity after 1983 which had a positive effect upon land values.

    The South African mining industry in the 1980s, pp 49-65: The Economics Department of the Chamber of Mines of South Africa feels that for the mining industry the 1980s was a period of threats and opportunities. The threats primarily came from the rest of world which was progressively growing impatient with the apartheid system and the pace of policy reform undertaken by the South African government. This finally led to foreign disinvestment and the application of stringent financial and trade sanctions against South Africa. Opportunities came in the form of new markets for South African minerals as well as the streamlining of mining operations to bring them in line with international competition. The year 1986 was the turning point for the mining industry. Persistent inflation, weak commodity prices, labour disruption and sanctions forced rationalisation.

    The 1980s: a lost decade for the South African manufacturing sector? pp 66-83: Prof Colin McCarthy (University of Stellenbosch) highlights the factors which influenced South African manufacturing development in the 1980s. He feels that the 1980s can be regarded as a lost decade as far as manufacturing is concerned: growth was virtually non-existent and employment creation was completely out of kilter with what one would hope for in a labour surplus economy. However, the 1980s did not only produce bad news. Although the signs are not very clear he says, it does appear as if South African industry has turned the corner of export orientation and that the first steps have been taken towards diversifying export growth.

    The dynamics of South African banking in the 1980s, pp 84-109: Prof Grietjie Verhoef (Rand Afrikaans University) examines the legal changes that affected the financial sector in the 1980s. She analyses the characteristics of the banking sector during the 1980s and early 1990s and goes on to outline the current pressures on the banking system. She concludes that the 1980s saw a new market related monetary policy implemented, together with internationally accepted forms of banking supervision and capital adequacy. These developments contributed to a much more stable financial structure. The activities of banks in the 1980s showed the inherent strength of the financial sector in South Africa and its ability to adjust to changing demands.

    South Africa's external trade in the 1980s, pp 110-26: Prof Stuart Jones (University of South Africa) describes the slow growth of South African external trade during the 1980s. He shows how the export led growth of the years 1973-79 came to an end in 1980 and how over the following decade South African external trade reverted to the pattern of the 1960s and early 1970s, when the growth of trade was slower than the growth of the GDP. He concludes that South Africa's external trade achieved a reasonable performance in the 1980s notwithstanding the prevailing difficult economic and political circumstances. Despite a decade marked by political instability, currency instability and world-wide economic recession, the external trade of South Africa at the end of the 1980s had grown both in variety and in geographical range, though only marginally in volume.

    South Africa's balance of payments in the 1980s, pp 127-44: Prof Philip Mohr, Mariana Botha and Penny Hawkins (University of South Africa) focus on some of the major developments on the balance of payments during the 1980s. They believe that the balance of payments has always been a significant determinant of economic activity and economic policy in South Africa and the 1980s were no exception. Like most other developing countries, South Africa's economic fortunes during this decade were closely linked to a number of changes in the international economy. Moreover, various political and domestic economic developments impacted on the country's balance of payments and on the course of economic activity and economic policy in South Africa. They show that the 1980s were a traumatic period in South Africa's political and economic history.

    South African monetary policy in the 1980s: years of reform and foreign financial aggression, pp 145-64: Dr Diederik Goedhuys (formerly South African Reserve Bank) examines the local economic backdrop to the South African government's conduct of monetary policy in the 1980s. The decade 1980s opened with an agenda of monetary reform that had only just begun to be put into effect. These reforms, difficult to introduce at the best of times, were attempted in a climate of worldwide financial instability which was made more acute for South Africa by the active hostility of the United States and its allies. The exigencies of the anti-terrorist campaign placed a further heavy burden on the country's resources and strained its finances. In these circumstances the monetary authorities needed somehow to dovetail the reform programme with policy measures dictated by the exceptional circumstances. Some reforms, indeed, had to be reversed and others were never completed.

    South African tax policy in the 1980s, pp 165-83: Prof J.vdS. Heyns (Rand Afrikaans University) provides a broad overview of South African tax policy and reforms between 1980 and 1990. He focuses on two interrelated considerations which dominated tax policy during this period. The first concerns the broad public financial role of the South African tax system in the fields of resource allocation, income redistribution and economic stabilisation. The second issue relates to the on-going tax reform process in South Africa prompted by the widespread feeling that the country's tax system was much too complicated, inefficient and unfair, and had resulted in an alarming deterioration in public attitudes towards tax morality.


    Volume 10, No 1, March 1995

    Rich nations, poor nations: a long run view, pp 1-20: Prof Derek H. Aldcroft (Manchester Metropolitan University) highlights contemporary development in the Third World through the images of the European historical mirror. However, what he sees reflected there does not bode well for the future of the Third World. He feels that European success was predicated on a long period of apprenticeship which meant that when the time came she was able to unlock the door to modern development. On the other hand, the present position of much of the Third World is vastly different from that of historical Europe. Not only are the economic and structural features very different, but even more significant is the differing population experience. He concludes that for many underdeveloped countries, population pressure is the major stumbling block which prevents a significant breakthrough in the catch-up process. He believes that short of some miracle, the prospects for the poor nations of the Third World look very bleak indeed.

    The motor car assembly/manufacturing industry in South Africa: Phases I to V, pp 21-37: K.A. Dix (University of Natal, Durban) assesses the effect of the local content programme on the motor industry from its introduction in 1961. He shows that Phases I to V of the local content programme led to the replacement of the motor assembly industry with an industry involved in the manufacture of motor vehicles. He feels that the motor industry benefited the economy through its provision of increased skills and knowledge, and contributed to the expansion of the economy through its linkages with other industries. However, he believes that this was achieved at the expense of increased costs of motor vehicle and component manufacture in a limited market and a high cost premium resulting from local content regulations.

    Government failure as an explanation for the asymmetric effects of labour apartheid in South Africa, pp 38-50: Dr Brian Dollery (University of New England, Australia) seeks to explain a greater incidence of labour apartheid in the South African public sector by applying Wolf's theory of nonmarket failure. His analysis attempts to explain the well-established empirical observation that the economic incidence of vertical and horizontal apartheid labour regulation fell more heavily on public sector employers in the post-1948 South Africa than their private sector counterparts, despite an intended uniform statutory incidence, on the basis of the characteristics of non-market demand and supply. In essence, he argues that within the constitutional and political milieu of apartheid South Africa, the structure of institutional incentives embodied in the demand for and supply of public sector outputs facilitated the relatively effective imposition of racist employment criteria.

    Disinvestment and the restructuring of the South African computer hardware industry, pp 51-73: Peter Draper (University of Durban-Westville) analyses the ownership and control structures of the South African computer-hardware industry from the industry's origins in the 1950s through to 1990. He defines three distinct phases. In the first phase, 1959-1978, the industry consisted of a few, predominantly American, firms, selling mainframe and mini computers. This gave way to a second phase, lasting from 1978 to 1985, in which sanctions and disinvestment pressures threatened to overwhelm the industry, particularly the American firms. However, this did not materialise, and instead the industry embarked on a new phase of growth based on the introduction of the personal computer to the South African market. This phase also saw the emergence of South African suppliers of computer products. The third phase, 1985-1990, culminated in the wholesale restructuring of the industry as all the American firms, which had dominated the industry, disinvested.

    Industrial history in South Africa: past trends and future needs, pp 74-88: Prof Anthony Lumby (University of Natal, Durban) examines South Africa's industrial history to determine not only the past trends of development and research, but also the future needs of investigation in order to understand more fully the process of industrial growth and change in South Africa. He feels that certain areas of industrial history have been reasonably well-examined: general industrial history, the politico-economic aspects of regional industrialisation, certain industrial groupings and, to a lesser extent, the role of entrepreneurship in the process of industrial change. Nevertheless, he shows that other areas in South Africa's industrial history are characterised by a virtual absence of scholarly research: certain aspects of regional industrial history, some industrial groupings and, above all, company histories.

    Nationalism and free enterprise in mining: the case of Federale Mynbou 1952-1965, pp 89-107: Prof Grietjie Verhoef (Rand Afrikaans University) explains why Federale Mynbou entered the mining arena in 1953. She looks at this mining house's performance through until the early 1960s and focuses on the clash of interests between it and Anglo American by 1963. She demonstrates how Afrikaner business sought a bigger slice of South Africa's economic cake and opportunistically did everything possible to make Fedmyn a success. She believes that free enterprise enabled this nationalistic-driven business enterprise to enter mining. Competitive performance and good mutual relationships with other mining houses strengthened its position.


    Volume 10, No 2, September 1995

    South Africa and the international diamond trade - Part One: Sir Ernest Oppenheimer, De Beers and the evolution of central selling 1920-1950, pp 1-22: Prof Colin Newbury (University of Oxford) presents a new version of his published account of the rise and performance of De Beers Consolidated Mines Ltd, prior to 1947, against the longer perspective of the company's structure down to the 1990s. He argues that the longer perspective alters his interpretation and allows him to emphasise some of the more permanent features of diamond marketing and the use of company profits. He believes that the longevity of the firm during the first 60 years of its operations as a major diamond producer and owner of the international wholesale brokerage from the 1930s is explained by its profitability and by the vertical integration between production and marketing of rough diamonds. Thus, both the use made of retained profits and the structural adaptation to meet the crisis of over-production and recession which marked this expansion of a mining company into management of wholesaling are the basis for its survival and success. The second part of his study on the more recent history of De Beers from the 1950s to the 1990s will appear in Volume 11(2) in September 1996.

    The Natal Land and Colonisation Company and the vexed question of land distribution and redistribution, pp 23-34: Dr J.J. Edley (University of Natal, Pietermaritzburg) feels that by studying land distribution in nineteenth century Natal linkages could be found between what happened then and what is happening now. She shows, by using the example of the Natal Land and Colonisation Company, that for rural African people within KwaZulu-Natal the linkages are surprisingly clear. She makes the point that it should not be assumed that because removals for the most part took place in the latter half of the twentieth century, the earlier periods of South Africa's past have little relevance. The main purpose of her article is to point out that any attempt to accomplish land redistribution from a starting point of 1913 will be doomed to failure.

    The development of the South African petrochemical industry, pp 35-50: John Giantsos (Rhodes University) aims to shed some light on the growth of the South African petrochemical industry and to consider the role which various factors may have played in shaping the industry's development. The factors he looks at include: the advent of Sasol; the establishment of domestic oil refineries; strong growth in domestic demand for petrochemical products; protection from imports in the form of duties and quantitative restrictions; the establishment of sub-optimally sized plants by producers to ensure a foothold in the domestic market; and the devaluation of the rand in the mid-1980s. He comes to the conclusion that, while it cannot be argued conclusively that the development of the industry is primarily attributable to any one factor, he identifies both trade policy and strong growth in domestic demand as potentially important factors throughout the development of the domestic petrochemical industry.

    Aspects of fiscal policy in South Africa 1985-1995, pp 51-79: Prof J.vdS. Heyns (Rand Afrikaans University) offers some reflections on fiscal policy in South Africa since the mid-1980s. He argues that the budgetary strains and dilemmas experienced in South Africa during the turbulent socio-economic years of the late 1980s contributed to the final collapse of the Apartheid system. He views fiscal policy from a broad Musgravian perspective and encompasses all budgetary action aimed at achieving the goals of the economy, including growth and allocative efficiency, distributional equity and macroeconomic stabilisation. However, he finds it difficult to ascertain whether fiscal policy should be cast in the role of villain or victim, in view of the interrelatedness of public budgets and the economy. He finds that the nature and consequences of the fiscal stress experienced in South Africa during the late 1980s and early 1990s were manifested in many areas of public finance. These areas included the rising level of outlays, coupled with a fall in the quality of its composition, a distortive level and structure of taxation, excessive budget deficits, negative government saving, and growing public debt.

    From currency board to central banking: the Gold Coast experience, pp 80-94: C.U. Uche (London School of Economics) attempts to unravel the various interests at work that influenced the establishment of a central bank for Ghana in the 1950s. He does this by dividing the topic up into three parts. His first section attempts a background analysis of the events that affected the process of change while the second section chronicles the events that culminated in the establishment of the central bank. In the third section, his conclusion, he finds that the issue of establishing central banks in developing countries in the 1940s and 1950s was a very contentious one because: (1) the concept of central banking was misunderstood; (2) the Bank of England's perception of central banking was too narrow; (3) the way the colonial government went about presenting and asserting their views on central banking was suspect; and, finally, (4) mainly on political grounds the establishment of a central bank in Ghana was inevitable.


  5. CONCLUSION

    The South African Journal of Economic History proudly enters its second decade as an independant academic journal with this issue and the prospect of many more to come. The preceding 10 volumes, 19 issues, 123 articles and just over a million words have laid a solid foundation that can be securely built upon by South African economic historians in the future.


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