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Towards a new industrial policy for structural transformation

Andreoni, A; Mondliwa, P; Roberts, S; Tregenna, F; (2021) Towards a new industrial policy for structural transformation. In: Structural Transformation in South Africa: The Challenges of Inclusive Industrial Development in a Middle-Income Country. (pp. 312-336). Oxford University Press: Oxford, UK. Green open access

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Abstract

This chapter examines the evolution of the political settlement in South Africa, which is critical for understanding its structural transformation path as well as for the reconfiguration of industrial policy. The success or failure of countries to drive structural change is understood in terms of the extent to which the political settlement, or governing coalition of interests, supports the growth of diversified industrial activities with higher levels of productivity. The chapter analyses why and how, despite the developmental agenda of the ruling African National Congress (ANC), South Africa has failed to achieve its production transformation. The chapter finds that the political settlement forged around South Africa’s transition from apartheid to democracy created the conditions for a corporate restructuring of the economy characterized by high profitability, despite low investments. This has involved power entrenchment in large incumbent organizations and coalitions of rentieristic interests, which have undermined necessary industrial policy enforcement. Persistent high unemployment and inequality have fuelled dissatisfaction and contestation over the core objectives of a more developmentalist state. Industrial policies have also been undermined by the fragmentation of the state, leading to misaligned policies.

Type: Book chapter
Title: Towards a new industrial policy for structural transformation
ISBN-13: 9780192894311
Open access status: An open access version is available from UCL Discovery
DOI: 10.1093/oso/9780192894311.003.0014
Publisher version: https://doi.org/10.1093/oso/9780192894311.003.0014
Language: English
Additional information: © Oxford University Press 2021. This is an open access publication, available online and distributed under the terms of a Creative Commons Attribution – Non Commercial – No Derivatives 4.0 International licence (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keywords: political economy, industrial policy, structural transformation, South Africa, political settlements
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Inst for Innovation and Public Purpose
URI: https://discovery.ucl.ac.uk/id/eprint/10135289
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