Introduction International business is inspired by the existence of opportunities in other parts of the world. This is because most businesses expand to nations and economies that hold more potential and better chances for profitability and growth. The growth in globalisation and international expansion of businesses from the developed world to some attractive markets has led to the identification of what has become known as “Rapid Developing Economies” or “Emerging Economies”…
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In doing this, the writer will explore the political, economic and technological factors that make South Africa an emerging economic giant. The paper will go further to make recommendations on future strategic directions that can be taken by South Africa to sustain economic growth. Political Factors South Africa's current political system indicates that it is a multi-cultural and multi-racial society that accommodates people of all diverse backgrounds (Deverish, 1998). In order to understand the relationship between South Africa's diversity and its contribution to the nation's position as an emerging economy, it is worthy to look into the political history of the country and how it links up to South Africa's current position in the past 15 or so years. South Africa has had five different constitutions since 1910 (Klug, 2010). This can be traced to the 1902 Boer War between the British settlers and other European settlers of Dutch origins [Afrikaners] (Klug, 2010). Although Black South Africans fought in the Boer War, they were excluded from the negotiations that came up afterwards and this led to the creation of a constitution that guaranteed rights to the British and Afrikaners. Later on, laws that segregated the White minority [of about 10%] and the Black African majority known as Apartheid led to a system where Blacks were kept as a servant caste in the nation (Segal and Cortm 2011). Apartheid led to a situation where the Whites with links to European nations and the United States, used laws to promote a capitalist idea of industrial growth, mining booms and agricultural productivity (Lowenberg and Kaempfer, 1998). This caused South Africa's economy to boom in the period between 1948 and 1994 when Apartheid was entrenched in the society. The link between the White minority and the developed world led to the investment of Western capital into the economy. This also allowed South Africa to export and make a lot of money and build strong world-class infrastructure (Feinstein, 2005). However, the downside of this situation was that it led to a huge disparity between the rich White minority and the extremely poor and deprived Black minority. Due to this, South Africa's political system went through a lot of sanctions in the 1970s and 1980s which led to the further isolation of the country. However, the legacy that Apartheid left, in terms of advanced political and economic systems as well as advanced infrastructure set South Africa apart from the rest of the African continent. The 1994 constitution which effectively ended Apartheid guaranteed equal rights to all and now, in the political arena, South Africa has a stable and a reliable government that was inherited from the world-class Apartheid regime. This makes South Africa a relatively more reliable place to conduct business in the Southern continents. In South Africa today, the country is ran by a constitution that respects equality as well as freedom of business, rule of law and other factors that make it easy to establish businesses (Brand and Heyns, 2008). South Africa is a member of the World Trade Organisation and other international bodies that makes it easy for businesses to use their legal position in their home country to accomplish a
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