Introduction

Stuart Jones

Chapter 1 in Banking and Business in South Africa, 1988, pp 1-25 from Palgrave Macmillan

Abstract: Abstract Efficient economic organisation is the key to successful economic growth and in the Western world this occurred in a capitalist framework. It was the development of this capitalist economic organisation in Western Europe that accounts for the rise of the West.1 This entailed the ‘establishment of institutional arrangements and property rights that create an incentive to channel individual effort into activities that bring the private rate of return close to the social rate of return’.2 This had already happened in Western Europe before Van Riebeeck arrived at the Cape in 1652.

Keywords: Gold Minis; State Capitalism; Capitalist Development; Sustained Economic Growth; Secondary Sector (search for similar items in EconPapers)
Date: 1988
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DOI: 10.1007/978-1-349-09632-9_1

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