Economic growth and development in South Africa

This study aims to assess the economic growth and development approaches that have been used by South Africa and South Korea. With this in mind, a brief overview at the socio-economic history of each country is given and the various plans implemented by both countries are considered. In chapter one, a brief comparison between the histories of the two countries was made. The intent of this comparison is to highlight the disparities between two countries who were once economically on par. In chapter two, the different approaches to economic growth and development is discussed. The role of human capital and its effects on a countries economy is highlighted. The question of which approach to use is also considered. Should it be purely one approach or can it be a combination from the various models? Chapters three and four deals with the various programmes that have been implemented by South Korea and South Africa, respectively. The approach used and also the outcomes (where possible) are evaluated. In the South Korean situation the difficulties that have shaped the nation and the lingering effects that are still prevalent in its policies (budget allowance for defence and education) can be discerned. In the South African situation it is apparent that the government is also trying to deal with the lingering effects of apartheid. The true results of the programmes (RDP, GEAR) implemented thus far is not clear. The aim was to explore, by means of a literature review, what the economic growth experiences are of both South Africa and South Korea for their respective time periods under review, namely, from 1995 to 2003/4 and 1960 to 2003. the objectives of the study were, to explore the social and economic history of South Korea and of South Africa in order to determine, by means of comparison, policies and or strategies that South Africa might be able to use (if any) in order to establish and maintain economic growth.