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The Transformation of the South African Built Environment – An Institutional Approach LARES 2009, São Paulo, Brazil

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  • Francois Viruly

Abstract

This paper develops the proposition that the characteristic of the South African built environment can largely be explained by the economic and social institutional framework that continues to characterise this market. The proposition is developed within the context of the Institutional Economics literature, and demonstrates the relevance of this theoretical framework in explaining the present and future trajectory of the South African built environment – the construction and property sectors. While recent public and private sector policies and interventions, have attempted to alter the players, in the South African economy, there is growing evidence, and concern, that a significant institutional “lock in” continues to perpetuate historical market outcomes. There is also a growing realisation that government intervention may not have been successful in changing the institutional framework and structure of the South African built environment. This suggests that when strong institutional “lock in” exists, public sector interventions that attempt to alter market institutional arrangements should target different echelons of the institutional hierarchy.

Suggested Citation

  • Francois Viruly, 2009. "The Transformation of the South African Built Environment – An Institutional Approach LARES 2009, São Paulo, Brazil," LARES lares2009_295-rv, Latin American Real Estate Society (LARES).
  • Handle: RePEc:lre:wpaper:lares2009_295-rv
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    References listed on IDEAS

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    2. Steven F. Cahan & Chris J. Van Staden, 2009. "Black economic empowerment, legitimacy and the value added statement: evidence from post‐apartheid South Africa," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 49(1), pages 37-58, March.
    3. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, September.
    4. Neo Chabane & Simon Roberts & Andrea Goldstein, 2006. "The changing face and strategies of big business in South Africa: more than a decade of political democracy," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 15(3), pages 549-577, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    black economic empowerment; institutional economics; institutional hierachy; lock in; South Africa transformation;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    Statistics

    Access and download statistics

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