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Rethinking fiscal consolidation

South Africa’s economic and business establishments, whose weight of economic opinion has considerable influence on government policy, enjoy remarkable singularity of economic thought. Any public comment, debate or policy suggestion that deviates from their received...

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Policy Failure on a Colossal Scale

Sleepwalking into a Revolution Before the financial crisis, the South African economy was growing at about 5%, and averaged about 4% since 1994. Credited with a political miracle of 1994, an economic miracle was insight, and so we hoped. Touted as the a paragon of...

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Why does money need to be created by the state?

Paper and coin money as we know it, is but one leg of broad money. Most of us use the word money to denote the currency notes and coins in circulation, yet these constitute about or less that 5% of the total money, depending on the jurisdiction. This is government...

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