A behaviour of South Africa’s economy towards inflows of foreign direct investment (FDI) from BRICs economies
- Authors: Dingela, Siyasanga
- Date: 2021-04
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Developing countries , South Africa -- Economic conditions , BRIC countries -- Foreign economic relations
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10948/51141 , vital:43212
- Description: This study investigated a behaviour of South Africa’s economy towards inflows of foreign direct investment (FDI) from Brazil, Russia, India and China (BRICs) economies, during the period 1997 to 2016. The BRICs bloc was coined in 2001 by then chairperson of Goldman Sachs Asset Management, Jim O’Neil. According to Goldman Sach (2001), the BRICs group was collectively expected to overtake the major economic powers over the span of a few decades. Their growth is expected to shape a new economic order and replace the currently dominant advanced economies. South Africa joined the BRICs bloc in 2010 as the jeweler of the world and as a gateway to Africa. It joined the BRICs group at the time when economic growth was at a sluggish rate, and the savings and investment were at the lowest rate. The country had a high unemployment rate, high levels of poverty and income inequality. On the other hand, the BRICs economies had limited intra-BRICs flows amongst themselves. It is against this background that this study investigated the long run impact of BRICs FDI inflows on South Africa’s economic growth, and the causality relationship between South Africa’s economic growth and BRICs FDI inflows. This study contributes to the body of knowledge of economics in South Africa and the literature on foreign direct investment and economic growth in South Africa. The study employed two cointegration methods to investigate the behaviour of South Africa’s economy towards inflows of foreign direct investment from BRICs economies. These are fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS). For granger causality, the study employed Stacked and Dumistrescu Hurlin tests. All the models used time series annual data from 1997 to 2016. The Unit root test results confirmed that the variables were stationary at first difference using panel Im, Pesaran, Shin (IPS) and Levin, Lin, Chu (LLC). The research employs four regressions, first, Economic growth and foreign direct investment (i.e. private sector, banking sector and both sectors), human capital, physical capital, household consumption, government expenditure, exports, and arable land; Second, Employment and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land; third, Economic complexity and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land; finally, Unemployment and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land. The cointegration results for private FDI and economic growth, employment, economic complexity, and unemployment. The results show only economic complexity has significant effect on foreign direct investment and other variables show insignificant results. However, this effect is smaller compared to other growth determinants which are included in the regressions. The cointegration results for bank FDI. These results show more similarities with private FDI results and few differences. However, this effect is smaller compared to other growth determinants included in the regressions. These growth determinants, however, show a positive effect of human capital and household consumption on economic growth which is expected. Other interesting results are exports being positively related with economic growth and unemployment but negative with employment and insignificant with economic complexity. Another one is government spending negatively influence economic growth, employment and positively influence unemployment. But insignificant for economic complexity. Total FDI results and other variables. These results are also similar to private and bank FDI results discussed above. Economic complexity shows significant effect with foreign direct investment, yet other variables are insignificant. . Further results show human capital positively related with economic growth, which is expected. However, physical capital and household consumption negatively affects growth. Another one exports show positive influence on economic growth but negatively related with employment. Yet, insignificant with economic complexity and unemployment. Other results government spending shows negative influence with employment but insignificant with economic growth, economic complexity and unemployment. The results for nonlinearity between the variables under review. The results that employment and economic complexity are nonlinear with foreign direct investment and no nonlinearity between unemployment, economic growth and foreign direct investment. For employment, low levels of foreign direct investment (LFDI_private) adversely affects employment but at higher levels (FDI_private_SQ) is insignificant. For economic complexity, low levels of foreign direct investment are insignificant for economic complexity but at higher levels there is a positive effect of squared foreign direct investment on economic complexity. Further results show that economic growth and employment are nonlinear with human capital, physical capital, household consumption and exports. Physical capital and household consumption adversely affect economic growth, yet positively affects employment. Human capital positively affects economic growth, employment, and unemployment. Exports positively affect economic growth, but negatively affect employment. Further results show nonlinearity between employment and government expenditure. Government expenditure adversely affects employment. Also, economic growth and unemployment show nonlinearity with arable land. Arable land adversely affects economic growth but positively affects unemployment. Nonlinear results for economic growth and economic complexity with foreign direct investment but no nonlinearity in other remaining variables. For economic growth, low levels of foreign direct investment there is a positive effect of foreign direct investment on economic growth, however, at higher levels foreign direct investment are insignificant. For economic complexity, low levels of foreign direct investment are insignificant, yet, higher levels of foreign direct investment there is a positive influence of foreign direct investment on economic complexity. Further results show economic growth and employment that are nonlinear with human capital, physical capital, and household consumption. Human capital positively affects both economic growth and employment. Physical capital and household consumption are adversely affecting economic growth, yet positively affects employment. Further results show nonlinearity between economic growth and government expenditure. Government expenditure adversely affects employment. More results, employment, and unemployment show nonlinearity results with exports. Exports adversely affect employment but positively affects unemployment. Results show economic growth and unemployment that are nonlinear with arable land. Arable land adversely affects economic growth, but positively affect unemployment. Nonlinear results for economic complexity only and other variables show no nonlinearity in the regressions. For economic complexity, low levels of foreign direct investment are insignificant, but at higher levels of foreign direct investment there is positive effect of foreign direct investment on economic complexity. More results show economic growth and employment that are nonlinear with human capital, physical capital, household consumption and exports. Human capital and exports positively affect economic growth, employment, and unemployment. Whereas, physical capital and household consumption adversely affects economic growth and unemployment, yet positively affects employment. Further results show nonlinearity between employment and government expenditure. Government spending adversely affects employment. Further results show nonlinearity between economic growth and unemployment with arable land. Arable land positively affects unemployment, yet adversely affects economic growth. The following section discusses granger causality results. This study also employed granger causality tests. The causality results between economic growth, employment, economic complexity, unemployment, and private foreign direct investment. The causality results show that there is granger causality between economic growth and economic complexity with private foreign direct investment. Whereas, between bank foreign direct investment and other variables there is no granger causality. However, between total foreign direct investment and economic growth and employment there is granger causality. There are a number of policy recommendations that can be drawn from the study. The study results in overall revealed that BRICs (private and bank) FDI inflows had a positive impact on South Africa’s economic growth between 1997 and 2016. The study results suggest that the policy makers should focus the attention on lobbying foreign direct investment from BRICs economies, since this study shows positive impact and relationship between South Africa’s economic growth and BRICs FDI inflows. The BRICs economies should focus on enhancing investment partnership, preventing protectionism, and promoting intra-BRICS flows. In addition, South Africa should eliminate barriers affecting business with BRICs countries. Policy makers should promote the building of new companies (for example Greenfield Investment) so that the economy of South Africa could grow and create employment. , Thesis (MA) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
- Authors: Dingela, Siyasanga
- Date: 2021-04
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Developing countries , South Africa -- Economic conditions , BRIC countries -- Foreign economic relations
- Language: English
- Type: Doctoral theses , text
- Identifier: http://hdl.handle.net/10948/51141 , vital:43212
- Description: This study investigated a behaviour of South Africa’s economy towards inflows of foreign direct investment (FDI) from Brazil, Russia, India and China (BRICs) economies, during the period 1997 to 2016. The BRICs bloc was coined in 2001 by then chairperson of Goldman Sachs Asset Management, Jim O’Neil. According to Goldman Sach (2001), the BRICs group was collectively expected to overtake the major economic powers over the span of a few decades. Their growth is expected to shape a new economic order and replace the currently dominant advanced economies. South Africa joined the BRICs bloc in 2010 as the jeweler of the world and as a gateway to Africa. It joined the BRICs group at the time when economic growth was at a sluggish rate, and the savings and investment were at the lowest rate. The country had a high unemployment rate, high levels of poverty and income inequality. On the other hand, the BRICs economies had limited intra-BRICs flows amongst themselves. It is against this background that this study investigated the long run impact of BRICs FDI inflows on South Africa’s economic growth, and the causality relationship between South Africa’s economic growth and BRICs FDI inflows. This study contributes to the body of knowledge of economics in South Africa and the literature on foreign direct investment and economic growth in South Africa. The study employed two cointegration methods to investigate the behaviour of South Africa’s economy towards inflows of foreign direct investment from BRICs economies. These are fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS). For granger causality, the study employed Stacked and Dumistrescu Hurlin tests. All the models used time series annual data from 1997 to 2016. The Unit root test results confirmed that the variables were stationary at first difference using panel Im, Pesaran, Shin (IPS) and Levin, Lin, Chu (LLC). The research employs four regressions, first, Economic growth and foreign direct investment (i.e. private sector, banking sector and both sectors), human capital, physical capital, household consumption, government expenditure, exports, and arable land; Second, Employment and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land; third, Economic complexity and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land; finally, Unemployment and foreign direct investment, human capital, physical capital, household consumption, government expenditure, exports, and arable land. The cointegration results for private FDI and economic growth, employment, economic complexity, and unemployment. The results show only economic complexity has significant effect on foreign direct investment and other variables show insignificant results. However, this effect is smaller compared to other growth determinants which are included in the regressions. The cointegration results for bank FDI. These results show more similarities with private FDI results and few differences. However, this effect is smaller compared to other growth determinants included in the regressions. These growth determinants, however, show a positive effect of human capital and household consumption on economic growth which is expected. Other interesting results are exports being positively related with economic growth and unemployment but negative with employment and insignificant with economic complexity. Another one is government spending negatively influence economic growth, employment and positively influence unemployment. But insignificant for economic complexity. Total FDI results and other variables. These results are also similar to private and bank FDI results discussed above. Economic complexity shows significant effect with foreign direct investment, yet other variables are insignificant. . Further results show human capital positively related with economic growth, which is expected. However, physical capital and household consumption negatively affects growth. Another one exports show positive influence on economic growth but negatively related with employment. Yet, insignificant with economic complexity and unemployment. Other results government spending shows negative influence with employment but insignificant with economic growth, economic complexity and unemployment. The results for nonlinearity between the variables under review. The results that employment and economic complexity are nonlinear with foreign direct investment and no nonlinearity between unemployment, economic growth and foreign direct investment. For employment, low levels of foreign direct investment (LFDI_private) adversely affects employment but at higher levels (FDI_private_SQ) is insignificant. For economic complexity, low levels of foreign direct investment are insignificant for economic complexity but at higher levels there is a positive effect of squared foreign direct investment on economic complexity. Further results show that economic growth and employment are nonlinear with human capital, physical capital, household consumption and exports. Physical capital and household consumption adversely affect economic growth, yet positively affects employment. Human capital positively affects economic growth, employment, and unemployment. Exports positively affect economic growth, but negatively affect employment. Further results show nonlinearity between employment and government expenditure. Government expenditure adversely affects employment. Also, economic growth and unemployment show nonlinearity with arable land. Arable land adversely affects economic growth but positively affects unemployment. Nonlinear results for economic growth and economic complexity with foreign direct investment but no nonlinearity in other remaining variables. For economic growth, low levels of foreign direct investment there is a positive effect of foreign direct investment on economic growth, however, at higher levels foreign direct investment are insignificant. For economic complexity, low levels of foreign direct investment are insignificant, yet, higher levels of foreign direct investment there is a positive influence of foreign direct investment on economic complexity. Further results show economic growth and employment that are nonlinear with human capital, physical capital, and household consumption. Human capital positively affects both economic growth and employment. Physical capital and household consumption are adversely affecting economic growth, yet positively affects employment. Further results show nonlinearity between economic growth and government expenditure. Government expenditure adversely affects employment. More results, employment, and unemployment show nonlinearity results with exports. Exports adversely affect employment but positively affects unemployment. Results show economic growth and unemployment that are nonlinear with arable land. Arable land adversely affects economic growth, but positively affect unemployment. Nonlinear results for economic complexity only and other variables show no nonlinearity in the regressions. For economic complexity, low levels of foreign direct investment are insignificant, but at higher levels of foreign direct investment there is positive effect of foreign direct investment on economic complexity. More results show economic growth and employment that are nonlinear with human capital, physical capital, household consumption and exports. Human capital and exports positively affect economic growth, employment, and unemployment. Whereas, physical capital and household consumption adversely affects economic growth and unemployment, yet positively affects employment. Further results show nonlinearity between employment and government expenditure. Government spending adversely affects employment. Further results show nonlinearity between economic growth and unemployment with arable land. Arable land positively affects unemployment, yet adversely affects economic growth. The following section discusses granger causality results. This study also employed granger causality tests. The causality results between economic growth, employment, economic complexity, unemployment, and private foreign direct investment. The causality results show that there is granger causality between economic growth and economic complexity with private foreign direct investment. Whereas, between bank foreign direct investment and other variables there is no granger causality. However, between total foreign direct investment and economic growth and employment there is granger causality. There are a number of policy recommendations that can be drawn from the study. The study results in overall revealed that BRICs (private and bank) FDI inflows had a positive impact on South Africa’s economic growth between 1997 and 2016. The study results suggest that the policy makers should focus the attention on lobbying foreign direct investment from BRICs economies, since this study shows positive impact and relationship between South Africa’s economic growth and BRICs FDI inflows. The BRICs economies should focus on enhancing investment partnership, preventing protectionism, and promoting intra-BRICS flows. In addition, South Africa should eliminate barriers affecting business with BRICs countries. Policy makers should promote the building of new companies (for example Greenfield Investment) so that the economy of South Africa could grow and create employment. , Thesis (MA) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
Testing the applicability of the Twin deficits and the Ricardian equivalence hypotheses in South Africa
- Authors: Makua, Khutso Baltimore
- Date: 2021-04
- Subjects: Budget deficits -- South Africa , South Africa -- Economic conditions , Economics
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/51831 , vital:43376
- Description: This study investigates the applicability of the twin deficit and Ricardian equivalence hypotheses in South Africa by exploring the relationship between budget deficits and current account deficits for the period 1990-2020 in South Africa. The reviewed theoretical and empirical literature has shown the results of this relationship to be mixed, depending on the region in review and the policy regime in some instances. The Johansen cointegration test was used because it has advantage over the Engle-Granger over the number of cointegrating relationships they both test. Compared to Engle-Granger, Johansen cointegration allows for more than one cointegrating relationship. The test show evidence that there is cointegration between current account deficits, budget deficits and other explanatory variables. The tests indicated the presence of cointegration which led to the estimation of VECM. Co-integration and vector error correction modelling techniques were applied to South African data between 1990 to 2020 period. The study at hand indicated that government budget deficits have a long run negative effect on current account deficits, but Granger causality failed to prove the direction of causality between the main variables, current account deficits and current account deficits. Therefore, the study concluded that the twin deficits hypothesis is not applicable in South Africa and revealed that South Africa is a Ricardian economy as Granger causality could not establish that budget deficits cause current account deficits. , Thesis (MCom) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
- Authors: Makua, Khutso Baltimore
- Date: 2021-04
- Subjects: Budget deficits -- South Africa , South Africa -- Economic conditions , Economics
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/51831 , vital:43376
- Description: This study investigates the applicability of the twin deficit and Ricardian equivalence hypotheses in South Africa by exploring the relationship between budget deficits and current account deficits for the period 1990-2020 in South Africa. The reviewed theoretical and empirical literature has shown the results of this relationship to be mixed, depending on the region in review and the policy regime in some instances. The Johansen cointegration test was used because it has advantage over the Engle-Granger over the number of cointegrating relationships they both test. Compared to Engle-Granger, Johansen cointegration allows for more than one cointegrating relationship. The test show evidence that there is cointegration between current account deficits, budget deficits and other explanatory variables. The tests indicated the presence of cointegration which led to the estimation of VECM. Co-integration and vector error correction modelling techniques were applied to South African data between 1990 to 2020 period. The study at hand indicated that government budget deficits have a long run negative effect on current account deficits, but Granger causality failed to prove the direction of causality between the main variables, current account deficits and current account deficits. Therefore, the study concluded that the twin deficits hypothesis is not applicable in South Africa and revealed that South Africa is a Ricardian economy as Granger causality could not establish that budget deficits cause current account deficits. , Thesis (MCom) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
Understanding the South African international investment position and the valuation effects: subtitle if needed. If no subtitle follow instructions in manual
- Authors: Hlati, Sisamnkelo
- Date: 2021-04
- Subjects: Investments, Foreign -- South Africa , South Africa -- Economic conditions , Economics
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/51534 , vital:43298
- Description: This study examines the relationship between the South African Net International Investment Positions and the valuation effects over a period of 47 years from 1970 to 2017. To investigate the long run relationship between NIIP and the determinants thereof, this current study made use of the bounds test technique and the results indicate that a long run relationship exist. In which case, the autoregressive distributed lag model to empirically investigate the impact of the current account balance, capital account balance and the valuation effects on the South African NIIP was conducted and this current study finds out that there is a long run positive relationship between the current account balance and the South African NIIP. However, the study noted that the impact of the current account balance is volatile and this could be due to the net investment income payments (in a form of interest and dividend) made to foreign investors, which constitute a proportionately large share of the South African current account deficit. The capital account balance exhibits a positive long run impact on the South African NIIP in line with theory. The valuation effects on the other hand indicate a relatively stable impact on the South African NIIP, while in the long run have a positive impact on NIIP. The positive impact of the valuation effects could be due to gains being relatively larger than losses in the long run. , Thesis (MCom) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
- Authors: Hlati, Sisamnkelo
- Date: 2021-04
- Subjects: Investments, Foreign -- South Africa , South Africa -- Economic conditions , Economics
- Language: English
- Type: Master's theses , text
- Identifier: http://hdl.handle.net/10948/51534 , vital:43298
- Description: This study examines the relationship between the South African Net International Investment Positions and the valuation effects over a period of 47 years from 1970 to 2017. To investigate the long run relationship between NIIP and the determinants thereof, this current study made use of the bounds test technique and the results indicate that a long run relationship exist. In which case, the autoregressive distributed lag model to empirically investigate the impact of the current account balance, capital account balance and the valuation effects on the South African NIIP was conducted and this current study finds out that there is a long run positive relationship between the current account balance and the South African NIIP. However, the study noted that the impact of the current account balance is volatile and this could be due to the net investment income payments (in a form of interest and dividend) made to foreign investors, which constitute a proportionately large share of the South African current account deficit. The capital account balance exhibits a positive long run impact on the South African NIIP in line with theory. The valuation effects on the other hand indicate a relatively stable impact on the South African NIIP, while in the long run have a positive impact on NIIP. The positive impact of the valuation effects could be due to gains being relatively larger than losses in the long run. , Thesis (MCom) -- Faculty of Business and Economic Sciences, Economics, 2021
- Full Text:
- Date Issued: 2021-04
The impact of real exchange rate on exports in South Africa
- Authors: Mbewu, Asanda
- Date: 2017
- Subjects: Foreign exchange rates -- South Africa Exports -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/19015 , vital:28765
- Description: The purpose of this study is to establish the impact of real exchange rate on exports in South Africa. In conducting the empirical test, the Vector Error Correction Model and annual time series data between 1973 and 2014 has been utilised. In the model, exports are the dependent variable and the real effective exchange rates, gross domestic product, mining, agricultural, foreign direct investments, and merchandise export prices are explanatory variables. A significant inverse relationship between real effective exchange rates and exports was confirmed in line with economic theory. Except for the Gross Domestic Product which exhibited a positive relationship, all other explanatory variables displayed an inverse relationship with exports. All other variables exhibited a significant impact except for Foreign Direct Investments. Based on the findings of this study, firm and practical policy recommendations are made including a moderated adjustment of monetary and fiscal policy to ensure competitiveness on the supply side.
- Full Text:
- Date Issued: 2017
- Authors: Mbewu, Asanda
- Date: 2017
- Subjects: Foreign exchange rates -- South Africa Exports -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/19015 , vital:28765
- Description: The purpose of this study is to establish the impact of real exchange rate on exports in South Africa. In conducting the empirical test, the Vector Error Correction Model and annual time series data between 1973 and 2014 has been utilised. In the model, exports are the dependent variable and the real effective exchange rates, gross domestic product, mining, agricultural, foreign direct investments, and merchandise export prices are explanatory variables. A significant inverse relationship between real effective exchange rates and exports was confirmed in line with economic theory. Except for the Gross Domestic Product which exhibited a positive relationship, all other explanatory variables displayed an inverse relationship with exports. All other variables exhibited a significant impact except for Foreign Direct Investments. Based on the findings of this study, firm and practical policy recommendations are made including a moderated adjustment of monetary and fiscal policy to ensure competitiveness on the supply side.
- Full Text:
- Date Issued: 2017
Forecasting volatility on the rand foreign exchange market
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015
- Authors: Klaas, Sinoxolo
- Date: 2015
- Subjects: Foreign exchange rates -- South Africa , Foreign exchange administration , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10948/7892 , vital:24319
- Description: Exchange rates are one of the most essential determinants of a country's economic performance in terms of level of trade. Since the exchange rate is one of the best indicators of competitiveness, this study sought to examine the behaviour of the rand against other emerging countries in the South African exchange market. The study explored the trends and estimated the forecasting accuracy of six currency markets using ARCH-family and Random walk models over the period 1994 to 2013.The six currency markets examined were the Rand/Dollar, Rand/Pound, Rand/Euro, Rand/Yen and Rand/Pula. The Rand exchange rates did exhibit the characteristics of volatility clustering and asymmetric effects suggesting volatility of the Rand. Exchange rates tend to rise when there is more bad news in the financial market than good news and positive shocks imply a higher next period conditional variance than negative shocks of the same sign.
- Full Text:
- Date Issued: 2015
Foreign direct investment and socio-economic development : the South African example
- Authors: Mukosera, Precious Sipho
- Date: 2013
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Government policy -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:9142 , http://hdl.handle.net/10948/d1018760
- Description: It is widely accepted by governments of many developing countries that Foreign Direct Investment (FDI) is crucial to the socio-economic development of their nations and have developed various policies in an effort to attract FDI, as a result. FDI is a crucial source of technology, capital and skills for developing countries for economic growth that may ultimately lead to poverty reduction, employment creation and modernisation. However, results from many studies have been inconclusive and have failed to find a direct link between the increase of FDI and the associated socio-economic development of recipient nations. South Africa is no exception to this debate as it seeks to turn its back on decades long apartheid, which has entrenched poverty in the majority of its population and exacerbated social tensions. The main socio-economic challenges that South Africa faces include high unemployment, skills shortages, poverty and high inequality, and the 2008/2009 global financial and economic crisis has exacerbated the crisis. Despite these challenges South Africa‘s macro-economic strategies have had a good reputation since 2000. The monetary policy has turned out to be more transparent and predictable, and a sound fiscal policy has sustained its framework. The study analyses the role that FDI plays in the socio-economic development of South Africa since 1995 by focusing on selected case studies: ABSA Bank, General Motors South Africa (GMSA) and the Mining Sector of South Africa. The research concludes that although ABSA Bank has implemented several corporate social responsibility (CSR), and various employee development programmes, there is hardly any evidence to suggest that Barclays Bank‘s takeover of ABSA Bank has positively impacted on these programmes. General Motors South Africa (GMSA), which came into South Africa many decades ago through a Greenfield Investment, has played a positive role in the economy of the Eastern Cape Province as well as that of South Africa, having created jobs directly and indirectly. The company has also designed and implemented various educational, housing as well as health and awareness programmes for its employees and for the communities. Mining companies that operate in South Africa formed partnerships in the communities in which they operate in an effort to improve the lives of people. While these various projects have been a source of employment, they have had a limited impact on the core causes of social problems surrounding the mines. Many of these root causes relate to core business practices of the mining companies, especially employee recruitment, wages and housing. These root causes where witnessed in the Lonmin tragedy and in other strikes that spread throughout the sector in 2012. The study concludes that although FDI does play a role in the socio-economic development of South Africa, especially Greenfield investment, the same argument could not be made on Mergers and acquisitions (M&As). Finally, the South African government needs to play a proactive role in ensuring that foreign companies that invest in the country need to be well aware of the socio-economic needs of South Africa, and be willing to play a positive role in that regard.
- Full Text:
- Date Issued: 2013
- Authors: Mukosera, Precious Sipho
- Date: 2013
- Subjects: Investments, Foreign -- South Africa , Investments, Foreign -- Government policy -- South Africa , South Africa -- Economic policy , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:9142 , http://hdl.handle.net/10948/d1018760
- Description: It is widely accepted by governments of many developing countries that Foreign Direct Investment (FDI) is crucial to the socio-economic development of their nations and have developed various policies in an effort to attract FDI, as a result. FDI is a crucial source of technology, capital and skills for developing countries for economic growth that may ultimately lead to poverty reduction, employment creation and modernisation. However, results from many studies have been inconclusive and have failed to find a direct link between the increase of FDI and the associated socio-economic development of recipient nations. South Africa is no exception to this debate as it seeks to turn its back on decades long apartheid, which has entrenched poverty in the majority of its population and exacerbated social tensions. The main socio-economic challenges that South Africa faces include high unemployment, skills shortages, poverty and high inequality, and the 2008/2009 global financial and economic crisis has exacerbated the crisis. Despite these challenges South Africa‘s macro-economic strategies have had a good reputation since 2000. The monetary policy has turned out to be more transparent and predictable, and a sound fiscal policy has sustained its framework. The study analyses the role that FDI plays in the socio-economic development of South Africa since 1995 by focusing on selected case studies: ABSA Bank, General Motors South Africa (GMSA) and the Mining Sector of South Africa. The research concludes that although ABSA Bank has implemented several corporate social responsibility (CSR), and various employee development programmes, there is hardly any evidence to suggest that Barclays Bank‘s takeover of ABSA Bank has positively impacted on these programmes. General Motors South Africa (GMSA), which came into South Africa many decades ago through a Greenfield Investment, has played a positive role in the economy of the Eastern Cape Province as well as that of South Africa, having created jobs directly and indirectly. The company has also designed and implemented various educational, housing as well as health and awareness programmes for its employees and for the communities. Mining companies that operate in South Africa formed partnerships in the communities in which they operate in an effort to improve the lives of people. While these various projects have been a source of employment, they have had a limited impact on the core causes of social problems surrounding the mines. Many of these root causes relate to core business practices of the mining companies, especially employee recruitment, wages and housing. These root causes where witnessed in the Lonmin tragedy and in other strikes that spread throughout the sector in 2012. The study concludes that although FDI does play a role in the socio-economic development of South Africa, especially Greenfield investment, the same argument could not be made on Mergers and acquisitions (M&As). Finally, the South African government needs to play a proactive role in ensuring that foreign companies that invest in the country need to be well aware of the socio-economic needs of South Africa, and be willing to play a positive role in that regard.
- Full Text:
- Date Issued: 2013
An empirical analysis of the Austrian business cycle theory with respect to South Africa
- Authors: Nyika, Farai
- Date: 2012
- Subjects: Business cycles , Business cycles -- Austria -- Econometric models , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9031 , http://hdl.handle.net/10948/d1020867
- Description: In 2008, the global economy went into recession. Millions of jobs were lost, confidence in the financial markets fell and billions of dollars were lost by investors. Prior to the onset of the recession, the major economies of the world (USA, and Western Europe) had experienced a period of economic boom and expansion. Austrian Business Cycle Theory proposes that the roots of the current financial crisis and recessions in general, are found the actions of central banks through credit expansion and manipulation of interest rates. Central banks manipulate interest rates causing them to fall below the natural level, leading to credit expansion and malinvestments. Austrian Business Cycle Theory is based in capital theory. Capital theory incorporates the elements of time and money and allows the setting of a microeconomic foundation. The theory recognises that investment is not an aggregate (as do Keynesians and Monetarists). Opposition to empirical testing by Austrian economists has meant that few statistical analyses of Austrian Business Cycle Theory have been carried out. The apprehension toward empirical testing of Austrian Business Cycle Theory stems from some Austrian economists who argue that human behaviour cannot be captured in statistical terms. Recently, some Austrian economists have begun to do empirical research Austrian Business Cycle Theory and the thesis adds to that growing field. The thesis tests empirically for ABCT in South Africa by using Vector Error Correction Model and Granger causality techniques and the results are as follows: The Vector Error Correction Model shows that any disequilibrium adjustment in the structural equations influences correction mostly through changes in Manufacturing. The disequilibrium adjustment process for Investment is also found to have statistical significance. The results propose that Investment in South Africa is not inert. The Granger causality tests show that credit expansion causes interest rates to be artificially lowered leading to mal-investments. The main policy recommendation is that business cycles can be prevented by not manipulating interest rates and by not increasing credit availability.
- Full Text:
- Date Issued: 2012
- Authors: Nyika, Farai
- Date: 2012
- Subjects: Business cycles , Business cycles -- Austria -- Econometric models , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:9031 , http://hdl.handle.net/10948/d1020867
- Description: In 2008, the global economy went into recession. Millions of jobs were lost, confidence in the financial markets fell and billions of dollars were lost by investors. Prior to the onset of the recession, the major economies of the world (USA, and Western Europe) had experienced a period of economic boom and expansion. Austrian Business Cycle Theory proposes that the roots of the current financial crisis and recessions in general, are found the actions of central banks through credit expansion and manipulation of interest rates. Central banks manipulate interest rates causing them to fall below the natural level, leading to credit expansion and malinvestments. Austrian Business Cycle Theory is based in capital theory. Capital theory incorporates the elements of time and money and allows the setting of a microeconomic foundation. The theory recognises that investment is not an aggregate (as do Keynesians and Monetarists). Opposition to empirical testing by Austrian economists has meant that few statistical analyses of Austrian Business Cycle Theory have been carried out. The apprehension toward empirical testing of Austrian Business Cycle Theory stems from some Austrian economists who argue that human behaviour cannot be captured in statistical terms. Recently, some Austrian economists have begun to do empirical research Austrian Business Cycle Theory and the thesis adds to that growing field. The thesis tests empirically for ABCT in South Africa by using Vector Error Correction Model and Granger causality techniques and the results are as follows: The Vector Error Correction Model shows that any disequilibrium adjustment in the structural equations influences correction mostly through changes in Manufacturing. The disequilibrium adjustment process for Investment is also found to have statistical significance. The results propose that Investment in South Africa is not inert. The Granger causality tests show that credit expansion causes interest rates to be artificially lowered leading to mal-investments. The main policy recommendation is that business cycles can be prevented by not manipulating interest rates and by not increasing credit availability.
- Full Text:
- Date Issued: 2012
Stakeholder management for urban development projects in South Africa
- Authors: Mgemane, Lesley Musa
- Date: 2012
- Subjects: Economic development projects -- South Africa , Project management , City planning -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: vital:9014 , http://hdl.handle.net/10948/d1018588
- Description: The study arose from a research issue that is both practical and theoretical. The apparent challenges of a stakeholder management nature in the execution of urban development projects in South Africa led to the conception of the study. However, the most compelling need for the study was the theoretical gap – in the urban development theory, in the projects theory, and particularly in the stakeholder management theory – on the management of stakeholders in the South African urban development projects. As a result, the value of the study is both managerial and scholarly. The urban development concept is understood to be referring to the development of urban areas for the purpose of improving the quality of life in the cities, and the development of the infrastructure to enable economic growth. Urban development projects, as vehicles for accomplishing urban development, are important for a newly industrialised economy (NIE) like South Africa. Also, as a result of the political past – in the form of a systematic preferential development based on racial segregation by the previous government, and the two decades of subjection of South Africa to economic and cultural isolation by the international community – South Africa has a huge backlog with regard to the two general purposes of urban development: social progress and economic progress. Consequently, urban development projects in South Africa are very critical and important, particularly for geopolitical and socio-economic reasons. Judging by the extensive negative media coverage, many of the South African urban development projects demonstrate poor stakeholder management. The list of urban development projects that have experienced stakeholder related challenges in South Africa is endless: the Johannesburg BRT project, the Gauteng Freeway Improvement project, the Transnet multi-product pipeline-construction project, the Chapman’s Peak toll-road project, the Kusile and Medupi power stations construction projects, are some examples. The project management profession and body of knowledge view stakeholder management in a serious light, actually a failure in adequately implementing stakeholder management in a project is tantamount to a failure of the project itself. There is also a consensus among numerous researchers that there is a general lack of knowledge for project managers on how to manage stakeholders, particularly external stakeholders. Stakeholder management is a poorly understood and, usually a very badly implemented project management discipline. Managing projects in Africa, and by inference in South Africa, can be particularly complex – given the involvement of multiple stakeholders and their historical, geopolitical, economic relationships, and cultural differences. The study set out to develop a framework to improve the management of stakeholders in urban development projects – by investigating the critical success factors that have an influence on stakeholder management success in urban development projects in South Africa. This study is important primarily because there seems to be no previous research conducted on this important project management discipline, stakeholder management of urban development projects; and there seems to be a neglect of stakeholder management duties by urban development projects agencies, and by inference, projects practitioners in South Africa. A theoretical space was created for this study in the fraternal literature of previous studies on critical success factors and/or stakeholder management in construction projects – as there seem to be none undertaken in the urban development environment, particularly in the South African context.
- Full Text:
- Date Issued: 2012
- Authors: Mgemane, Lesley Musa
- Date: 2012
- Subjects: Economic development projects -- South Africa , Project management , City planning -- South Africa , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Doctoral , DBA
- Identifier: vital:9014 , http://hdl.handle.net/10948/d1018588
- Description: The study arose from a research issue that is both practical and theoretical. The apparent challenges of a stakeholder management nature in the execution of urban development projects in South Africa led to the conception of the study. However, the most compelling need for the study was the theoretical gap – in the urban development theory, in the projects theory, and particularly in the stakeholder management theory – on the management of stakeholders in the South African urban development projects. As a result, the value of the study is both managerial and scholarly. The urban development concept is understood to be referring to the development of urban areas for the purpose of improving the quality of life in the cities, and the development of the infrastructure to enable economic growth. Urban development projects, as vehicles for accomplishing urban development, are important for a newly industrialised economy (NIE) like South Africa. Also, as a result of the political past – in the form of a systematic preferential development based on racial segregation by the previous government, and the two decades of subjection of South Africa to economic and cultural isolation by the international community – South Africa has a huge backlog with regard to the two general purposes of urban development: social progress and economic progress. Consequently, urban development projects in South Africa are very critical and important, particularly for geopolitical and socio-economic reasons. Judging by the extensive negative media coverage, many of the South African urban development projects demonstrate poor stakeholder management. The list of urban development projects that have experienced stakeholder related challenges in South Africa is endless: the Johannesburg BRT project, the Gauteng Freeway Improvement project, the Transnet multi-product pipeline-construction project, the Chapman’s Peak toll-road project, the Kusile and Medupi power stations construction projects, are some examples. The project management profession and body of knowledge view stakeholder management in a serious light, actually a failure in adequately implementing stakeholder management in a project is tantamount to a failure of the project itself. There is also a consensus among numerous researchers that there is a general lack of knowledge for project managers on how to manage stakeholders, particularly external stakeholders. Stakeholder management is a poorly understood and, usually a very badly implemented project management discipline. Managing projects in Africa, and by inference in South Africa, can be particularly complex – given the involvement of multiple stakeholders and their historical, geopolitical, economic relationships, and cultural differences. The study set out to develop a framework to improve the management of stakeholders in urban development projects – by investigating the critical success factors that have an influence on stakeholder management success in urban development projects in South Africa. This study is important primarily because there seems to be no previous research conducted on this important project management discipline, stakeholder management of urban development projects; and there seems to be a neglect of stakeholder management duties by urban development projects agencies, and by inference, projects practitioners in South Africa. A theoretical space was created for this study in the fraternal literature of previous studies on critical success factors and/or stakeholder management in construction projects – as there seem to be none undertaken in the urban development environment, particularly in the South African context.
- Full Text:
- Date Issued: 2012
The impact of economic downturn on black economic empowerment and banks
- Authors: Daniels, Sinclair Lonwabo
- Date: 2010
- Subjects: South Africa -- Economic conditions -- 21st century , South Africa -- Economic conditions , Business enterprises, Black -- South Africa , Blacks -- Employment -- South Africa , Employee empowerment -- South Africa , Banks and banking -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8620 , http://hdl.handle.net/10948/1505 , South Africa -- Economic conditions -- 21st century , South Africa -- Economic conditions , Business enterprises, Black -- South Africa , Blacks -- Employment -- South Africa , Employee empowerment -- South Africa , Banks and banking -- South Africa
- Description: The purpose of this treatise is to ascertain the impact of economic downturn on Black Economic Empowerment (BEE) and Banks. This has been sparked by the huge speculations in the market as to what will happen to BEE and how will the banks cope in general with the impact of this scourge. It is imperative to understand the influence of the 2008+ economic downturn on socio-economic reconstruction and development in South Africa and the black economic empowerment and its funding mechanisms. The treatise has two phases the, namely the theoretical phase and a bit of narrative phase. In the theoretical phase the research study interrogates what the literature review reveals about the economic downturn, BEE as well as performances of different banks across the world. This shows the economic impact that the banks have had to endure during the economic downturn. This resulted in stock markets losing their value. The dividend earners were significantly affected including a sizeable number of BEE companies. The BEE companies are perceived to be too reliant on debt on to finance their deals and this treatise will look at various options of financing a BEE deal and what is deem to the most suited financing structure. The narrative phase involves semi-structured interviews that were conducted in order to ascertain the real impact that South African were faced with and how they have managed to steer clear of the turbulent waters. This also looked at how the BEE consultant views the current occurrences in the market.
- Full Text:
- Date Issued: 2010
- Authors: Daniels, Sinclair Lonwabo
- Date: 2010
- Subjects: South Africa -- Economic conditions -- 21st century , South Africa -- Economic conditions , Business enterprises, Black -- South Africa , Blacks -- Employment -- South Africa , Employee empowerment -- South Africa , Banks and banking -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8620 , http://hdl.handle.net/10948/1505 , South Africa -- Economic conditions -- 21st century , South Africa -- Economic conditions , Business enterprises, Black -- South Africa , Blacks -- Employment -- South Africa , Employee empowerment -- South Africa , Banks and banking -- South Africa
- Description: The purpose of this treatise is to ascertain the impact of economic downturn on Black Economic Empowerment (BEE) and Banks. This has been sparked by the huge speculations in the market as to what will happen to BEE and how will the banks cope in general with the impact of this scourge. It is imperative to understand the influence of the 2008+ economic downturn on socio-economic reconstruction and development in South Africa and the black economic empowerment and its funding mechanisms. The treatise has two phases the, namely the theoretical phase and a bit of narrative phase. In the theoretical phase the research study interrogates what the literature review reveals about the economic downturn, BEE as well as performances of different banks across the world. This shows the economic impact that the banks have had to endure during the economic downturn. This resulted in stock markets losing their value. The dividend earners were significantly affected including a sizeable number of BEE companies. The BEE companies are perceived to be too reliant on debt on to finance their deals and this treatise will look at various options of financing a BEE deal and what is deem to the most suited financing structure. The narrative phase involves semi-structured interviews that were conducted in order to ascertain the real impact that South African were faced with and how they have managed to steer clear of the turbulent waters. This also looked at how the BEE consultant views the current occurrences in the market.
- Full Text:
- Date Issued: 2010
The role of small, medium and micro-sized enterprises (smm's) in the socio-economic development of Buffalo City
- Authors: Sinxoto, Nomhle Beauty
- Date: 2007
- Subjects: Small business -- South Africa -- Buffalo City , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8738 , http://hdl.handle.net/10948/793 , Small business -- South Africa -- Buffalo City , South Africa -- Economic conditions
- Description: Thirteen years in the new democratic South Africa, South Africa is still faced with socio-economic problems such as high rates of unemployment, shortage of housing, crime and HIV/Aids. Buffalo city falls within the Amathole District Municipality (ADM). ADM population is estimated at + 1, 67 million, being predominantly rural and living in low socio-economic conditions. The demographic trends of ADM population depict high poverty, illiteracy and unemployment rates, rendering them prone to high morbidity and mortality (www.amathole.gov.za, 2007). The aim of this research was to assess the role of the SMMEs in the socio-economic development of Buffalo City. This study is based on exploratory quantitative and qualitative research methodologies. Using a convenience sampling technique structured questionnaires were used to collect data amongst 28 SMMEs in Buffalo City. The findings of this study suggest that SMMEs play a vital role in the socio-economic development of Buffalo City. The SMMEs create employment and incomes; provide human capital investment in form of training programs and HIV/Aids programs; make donations to community structures; give sponsors to various sports clubs and food to the homeless. Finally SMMEs contribute towards tax revenues that in turn help reduce poverty and redistribute wealth. However, SMMEs in Buffalo City face a number of constraints, namely, lack of access to funding, lack of operating space, and high cost of property to lease and difficulty in finding trained competent staff. Further, the perceptions of the SMMEs about the adjudication of tenders was some biasness in the adjudication of tender in favour of those who were close to the public officials. There was no accountability and professionalism amongst the adjudicating officials. Finally the government was not doing enough to encourage SMME development in Buffalo City. In view of the socio-economic benefits of the SMMEs in Buffalo city, it is recommended that support programmes to the SMMEs should be enhanced. On the basis of the findings in this study, it is suggested that assistance to the SMMEs should go beyond institutional support such as Ntsika, Khula, DTI and/or SEDA but should be targeted to funding opportunities for the SMMEs. Commercial banks should be involved in ensuring that SMMEs obtain access to funding. Infrastructural facilities such as affordable business premises should be provided for the SMMEs. Affordable premises will reduce the overhead costs of the SMMEs and in turn increase the profits of these SMMEs. Increase the profits of the SMMEs will ensure the survival of the SMMEs and will in turn contribute towards the upliftment of the socio-economic status of the people who would have otherwise been unemployed, destitute and poor.
- Full Text:
- Date Issued: 2007
- Authors: Sinxoto, Nomhle Beauty
- Date: 2007
- Subjects: Small business -- South Africa -- Buffalo City , South Africa -- Economic conditions
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:8738 , http://hdl.handle.net/10948/793 , Small business -- South Africa -- Buffalo City , South Africa -- Economic conditions
- Description: Thirteen years in the new democratic South Africa, South Africa is still faced with socio-economic problems such as high rates of unemployment, shortage of housing, crime and HIV/Aids. Buffalo city falls within the Amathole District Municipality (ADM). ADM population is estimated at + 1, 67 million, being predominantly rural and living in low socio-economic conditions. The demographic trends of ADM population depict high poverty, illiteracy and unemployment rates, rendering them prone to high morbidity and mortality (www.amathole.gov.za, 2007). The aim of this research was to assess the role of the SMMEs in the socio-economic development of Buffalo City. This study is based on exploratory quantitative and qualitative research methodologies. Using a convenience sampling technique structured questionnaires were used to collect data amongst 28 SMMEs in Buffalo City. The findings of this study suggest that SMMEs play a vital role in the socio-economic development of Buffalo City. The SMMEs create employment and incomes; provide human capital investment in form of training programs and HIV/Aids programs; make donations to community structures; give sponsors to various sports clubs and food to the homeless. Finally SMMEs contribute towards tax revenues that in turn help reduce poverty and redistribute wealth. However, SMMEs in Buffalo City face a number of constraints, namely, lack of access to funding, lack of operating space, and high cost of property to lease and difficulty in finding trained competent staff. Further, the perceptions of the SMMEs about the adjudication of tenders was some biasness in the adjudication of tender in favour of those who were close to the public officials. There was no accountability and professionalism amongst the adjudicating officials. Finally the government was not doing enough to encourage SMME development in Buffalo City. In view of the socio-economic benefits of the SMMEs in Buffalo city, it is recommended that support programmes to the SMMEs should be enhanced. On the basis of the findings in this study, it is suggested that assistance to the SMMEs should go beyond institutional support such as Ntsika, Khula, DTI and/or SEDA but should be targeted to funding opportunities for the SMMEs. Commercial banks should be involved in ensuring that SMMEs obtain access to funding. Infrastructural facilities such as affordable business premises should be provided for the SMMEs. Affordable premises will reduce the overhead costs of the SMMEs and in turn increase the profits of these SMMEs. Increase the profits of the SMMEs will ensure the survival of the SMMEs and will in turn contribute towards the upliftment of the socio-economic status of the people who would have otherwise been unemployed, destitute and poor.
- Full Text:
- Date Issued: 2007
Structure and agency in the age of climate change
- Authors: Cherry, Janet
- Subjects: South Africa -- Economic conditions , South Africa -- Social conditions , f-sa
- Language: English
- Type: text , Lectures
- Identifier: http://hdl.handle.net/10948/21033 , vital:29429
- Description: What I will present here is based on my grappling over the past three decades with one of the central problems of social science – the relationship between social structure and human agency. This is not a new problem for social scientists; from Karl Marx, who understood that human beings make history, but not in circumstances of their choosing; to the French structuralists who conceived the term ‘relative autonomy’ and ‘overdetermination’; to Anthony Giddens’ ‘structuration theory’ and other contemporary sociologists. What is new are the changing physical circumstances of the world in which we live, which mean that human society can no longer afford to analyse ourselves and our social, political and economic systems independently of the natural world.
- Full Text:
- Authors: Cherry, Janet
- Subjects: South Africa -- Economic conditions , South Africa -- Social conditions , f-sa
- Language: English
- Type: text , Lectures
- Identifier: http://hdl.handle.net/10948/21033 , vital:29429
- Description: What I will present here is based on my grappling over the past three decades with one of the central problems of social science – the relationship between social structure and human agency. This is not a new problem for social scientists; from Karl Marx, who understood that human beings make history, but not in circumstances of their choosing; to the French structuralists who conceived the term ‘relative autonomy’ and ‘overdetermination’; to Anthony Giddens’ ‘structuration theory’ and other contemporary sociologists. What is new are the changing physical circumstances of the world in which we live, which mean that human society can no longer afford to analyse ourselves and our social, political and economic systems independently of the natural world.
- Full Text:
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