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Stuck in stabilisation? South Africa's post-apartheid macro-economic policy between ideological conversion and technocratic capture

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  • Aurelia Segatti
  • Nicolas Pons-Vignon

Abstract

This article explores post-apartheid South Africa's commitment to macro-economic orthodoxy. Its key argument is that South Africa offers an exemplary case of neoliberal deepening which has entailed three interconnected processes: ideological conversion, a stated focus on poverty and development covering a deep commitment to orthodox macro policies, entailing institutions and a set of practices, and a far-reaching state restructuring involving the emergence and consolidation of a hegemonic treasury. Drawing on an analysis of grey literature, policy documents and a series of interviews with policy-makers, the article first discusses neoliberalism in South Africa, focusing on the 'conversion' of key ANC leaders to neoclassical economic orthodoxy. It then turns to the central, yet under-researched, instrument of neoliberal deepening: the emergence and consolidation of a dominant national treasury with the ability to shape policy-making across all areas of state intervention. The article closes on a call to envisage concurrently ideological conversion and state formation to understand the dynamics of neoliberalism, and its paradoxical resilience in the South Africa case.

Suggested Citation

  • Aurelia Segatti & Nicolas Pons-Vignon, 2013. "Stuck in stabilisation? South Africa's post-apartheid macro-economic policy between ideological conversion and technocratic capture," Review of African Political Economy, Taylor & Francis Journals, vol. 40(138), pages 537-555, December.
    • Handle: RePEc:taf:revape:v:40:y:2013:i:138:p:537-555
    DOI: 10.1080/03056244.2013.858430
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    1. Marise Cremona, 2011. "Justice and Home Affairs in a Globalised World: Ambitions and Reality in the tale of the EU-US SWIFT Agreement," Working Papers of the Vienna Institute for European integration research (EIF) 4, Institute for European integration research (EIF).
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    Cited by:

    1. Sam Ashman & Ben Fine & Ewa Karwowski, 2021. "The Relevance of Financialization for African Economies: Lessons from South Africa," Working Papers 245, Department of Economics, SOAS University of London, UK.

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