South Africa:There Are Alternatives to Permanent Economic Depression
analysis By Dick Forslund
Judging by the unemployment rate, the level of social unrest and violence in working-class neighbourhoods, or the fact that a quarter of all children below five years have stunted growth, South Africa is in a permanent economic depression, no matter how 'technical' or short-lived the present recession is.
In the short term, a slowdown of the world economy has already been noted in the European press. If global demand falls or if US President Donald Trump persists with his imperialist whims, the already depressed South African economy will be badly affected. It is dependent on export of minerals and commodities. President Ramaphosa's government is reinforcing this with the "New Dawn for Mining" and "export-led growth" policies.
There is also a risk of another global financial meltdown. Nothing substantial has changed in the global financial system since 2008. Total debt in the world is way above the 2008 crash level. According to...