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Globalization of South Africa - Essay Example

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Economic globalization has been a worldwide phenomenon wherein economies of various countries integrate to fulfill their needs of goods and services so as to get benefitted from the comparative advantage they have in different products and services. Increasing international…
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Globalization of South Africa
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Download file to see previous pages In early days of 17th century, South Africa was sparsely populated. Major trade and commerce developed only after the first European settlement that took place in southern part of Africa in 1652. The objective was then to establish a supply base at the site currently known as Cape Town. South African history made major upheavals in the year 1867 when mines of diamonds were discovered near and around Kimberley and Cape Town. Economic activities got further intensified when worlds largest deposit of gold was discovered in the year 1886. South Africas first integration to global economy was seen through its exports of diamonds and gold. At the same time, the country imported variety of agricultural products. Mining industry continued to expand with increasing gold and diamond exports from the shore of South Africa. The wealth so generated was used to import consumer goods from Europe. This can be seen as South Africas first integration to global economy that continued until at least World War I (South Africa, 1996))
After 1920, the government started imposing tariffs to safeguard local manufacturers. By 1930s, most of the manufacturing activities came under the fold of state-owned enterprises keeping blacks outside the main economy. World War II saw new growth in manufacturing activities with the government increasing its control on industries. With the onset of great depression in 1930s, South Africa also suffered heavily due to economic down cycle. The government had already started its efforts in 1920s to consolidate state-owned enterprises with the objective to provide impetus to import-substitution industries. The Electricity Supply Commission (Eskom) and the South African Iron and Steel Corporation (Iscor) were founded in 1920s to spearhead domestic industries. The Industrial Development Corporation (IDC) came into operation in 1940. The IDC became instrumental to promote other ...Download file to see next pagesRead More
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