Globalization In South Africa

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One of the benefits of globalization is the rise in living standards of people in countries around the world. The dynamic structure of the global economy as a result of globalization has influenced the macroeconomic policies in the world towards the realization of even greater globalization benefits. Some of the key policy making bodies that have been impacted include; the academic economists, the national policy making bodies, the general policy making community and the International Monetary Fund (IMF). The worldwide economic changes as a result of globalization have influenced the way in which the IMF works including numerous multilateral institutions. For instance, the role of the IMF changed in the 1970s when the Bretton Woods system which dictated fixed exchange rates among the industrial countries came to an end. In the more recent years, the global economy performance and the functioning of the IMF have been influenced by myriad factors such as; the downfall of communism, financial crises in rapidly-growing market economies, rise in size and significance of private capital flows as well as a better comprehension with regards to management of macroeconomics. As a member of the global village, and the sole African G8 member, South Africa has been affected by all the changes that have taken place. South Africa re-joined the scene of international economy in the 1990’s during which time globalization had started to gain prominence. In addition to adjusting to the demands of the globalization forces, South Africa had to cope with its status as an emerging market. The policies implemented enhanced economic globalization at both national and international levels by allowing for liberalization of investment, finance and trade. The above led to increased competition and speculation between the economies of various countries and South Africa was no exception. Globalization led to the economic growth of South Africa during the period between 1990 and 2000. There is a distinct integration of the South Africa’s economy with the world economy judging by the difference between the GDP and the GNP. The measure of this difference compares the payments the country has made to the foreign owned factors of production which operate in the country to those received by domestic owned production factors that operate overseas. The divergence of the two measures indicate that before South Africa became a player in the world economy, its economic output was geared toward dominance by foreign-owned companies before going through a period of stagnation during the mi-eighties. After engagement in the world economy however from the 1990’s, South Africa has seen a move towards the foreign-owned corporations contributing more in terms of economic output. According to Loots, the country is impacted by globalization through its import-export trading activities, its net Foreign Direct Investments (FDI) inflows and its net portfolio inflows. Upon application of the Pearson Correlation test to determine the relationship between economic growth and the other independent variables, it was established that there is a positive 0.944 correlation between the economic growth and trade. Trade, comprising of both import and export activities, is an important component of the industrialization process. Globalization and industrialization in South Africa It is impossible to discuss trade away from industrialization and vis-à-vis. Through industrialization, trade both local and international is made possible. The apartheid policies which were instituted to govern the country’s industries before its independence resulted in international sanctions and other protectionist policies that negatively affected South Africa’s manufacturing segment. The industrial firms were isolated from the global economy forcing the manufactures of the country’s economy to produce solely for the country’s domestic market. These policies also discouraged small and medium
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