Ideas and power: shaping monetary policy in South Africa 1919-1936
- Authors: Bordiss, Bradley John
- Date: 2014
- Subjects: Monetary policy -- South Africa -- 1919-1936 Economic development -- South Africa -- 1919-1936 Economics -- South Africa -- History Economics -- Philosophy South Africa -- Economic policy -- 1919-1936 South Africa -- Foreign economic relations -- 1919-1936 Great Britain -- Foreign economic relations -- 1919-1936 Great Britain -- Economic policy -- 1918-1945
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1084 , http://hdl.handle.net/10962/d1011605
- Description: In the concluding paragraphs of Keynes’ General Theory, Keynes suggests that vested interests (power) may dominate in the short term, but that “sooner or later, it is ideas, not vested interests, which are dangerous for good or evil” (Keynes; 1936:384). This dissertation seeks to establish whether this is so, and to what extent, in the period 1919 to 1936, insofar as the shaping of monetary policy was concerned. The context that South Africa found itself in at the time was one in which Britain, the colonising power, was in economic decline. Britain’s real economy had lost its lead in the world in the late 1800s, and by our period, 1919 – 1936, she was now struggling to maintain her dominance of the world’s financial economy. South African gold flows to London, and a South African monetary policy supportive of British monetary policy, became more important than ever to Britain. On the back of its ascendant real economy, the United States of America was fast developing its financial sector as a rival to that centered on London. In the broader monetary policy world, the orthodox monetary regime of the Gold Standard, which had worked so well in the period from 1875 to 1914, was firstly difficult to reestablish, and once established, difficult to maintain. Opinion on what should be done was divided between the majority who favoured a return to the orthodoxy, and a much smaller group, including John Maynard Keynes, who argued that the Gold Standard should no longer be the preferred monetary system. In South Africa, our period starts 17 years after the Second Boer War. Afrikaner nationalists intent on establishing independence from Britain, competed with those, including Jan Christiaan Smuts, who believed that tying our policy up with that of the British Empire was the best for South Africa. It is in this context that a naturalised Briton, which the research shows was a loyal servant of the London power elite, was appointed by the Empire-friendly Smuts government to advise the South African government on monetary policy, the setting up of the South African Reserve Bank, the appointment of its first Governor and other matters in the period up until the fall of this government in 1924. It is also in this context that an American ‘Currency Doctor’ and Professor of Economics at Princeton University, which the research shows was intimately connected with the American government and Benjamin Strong at the Federal Reserve, was appointed by the Pact government later in 1924, and who was anxious to throw off the yoke of British control. The theoretical paradigm of this study is that developed by John Maynard Keynes and after him by the post-Keynesian economists, particularly Basil Moore and Hyman P. Minsky. Instead of considering the theory chronologically, book by book, the theory section deals with the subject matter in the themes which came up in the monetary policy debates of the time, looking at all the theoretical literature that applied to these various themes. Aside from the correction of errors of emphasis and errors of fact dealt with in chapter two, chapter five of the dissertation is where most of the original research is reflected. This is the section which deals in depth with the experts that advised the South Africans at the time, how they came to be appointed, whose interests they served, what theories they used in support of their positions, and what was the decision-making process; from their appointment, until their reports were drafted into the law of the Union of South Africa. While Ally’s work (1994) is accepted as the principal work on the influence of the Bank of England, and Britain’s control of South African gold on South African gold and monetary policy, this dissertation claims legitimacy based on a much closer look at the motives and vested interests of the experts advising the South African government at the time. By the end of this chapter, I believe we are better placed to understand and analyse the relative influence of ideas and power on monetary policy in the period 1919 – 1936.
- Full Text:
- Date Issued: 2014
- Authors: Bordiss, Bradley John
- Date: 2014
- Subjects: Monetary policy -- South Africa -- 1919-1936 Economic development -- South Africa -- 1919-1936 Economics -- South Africa -- History Economics -- Philosophy South Africa -- Economic policy -- 1919-1936 South Africa -- Foreign economic relations -- 1919-1936 Great Britain -- Foreign economic relations -- 1919-1936 Great Britain -- Economic policy -- 1918-1945
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: vital:1084 , http://hdl.handle.net/10962/d1011605
- Description: In the concluding paragraphs of Keynes’ General Theory, Keynes suggests that vested interests (power) may dominate in the short term, but that “sooner or later, it is ideas, not vested interests, which are dangerous for good or evil” (Keynes; 1936:384). This dissertation seeks to establish whether this is so, and to what extent, in the period 1919 to 1936, insofar as the shaping of monetary policy was concerned. The context that South Africa found itself in at the time was one in which Britain, the colonising power, was in economic decline. Britain’s real economy had lost its lead in the world in the late 1800s, and by our period, 1919 – 1936, she was now struggling to maintain her dominance of the world’s financial economy. South African gold flows to London, and a South African monetary policy supportive of British monetary policy, became more important than ever to Britain. On the back of its ascendant real economy, the United States of America was fast developing its financial sector as a rival to that centered on London. In the broader monetary policy world, the orthodox monetary regime of the Gold Standard, which had worked so well in the period from 1875 to 1914, was firstly difficult to reestablish, and once established, difficult to maintain. Opinion on what should be done was divided between the majority who favoured a return to the orthodoxy, and a much smaller group, including John Maynard Keynes, who argued that the Gold Standard should no longer be the preferred monetary system. In South Africa, our period starts 17 years after the Second Boer War. Afrikaner nationalists intent on establishing independence from Britain, competed with those, including Jan Christiaan Smuts, who believed that tying our policy up with that of the British Empire was the best for South Africa. It is in this context that a naturalised Briton, which the research shows was a loyal servant of the London power elite, was appointed by the Empire-friendly Smuts government to advise the South African government on monetary policy, the setting up of the South African Reserve Bank, the appointment of its first Governor and other matters in the period up until the fall of this government in 1924. It is also in this context that an American ‘Currency Doctor’ and Professor of Economics at Princeton University, which the research shows was intimately connected with the American government and Benjamin Strong at the Federal Reserve, was appointed by the Pact government later in 1924, and who was anxious to throw off the yoke of British control. The theoretical paradigm of this study is that developed by John Maynard Keynes and after him by the post-Keynesian economists, particularly Basil Moore and Hyman P. Minsky. Instead of considering the theory chronologically, book by book, the theory section deals with the subject matter in the themes which came up in the monetary policy debates of the time, looking at all the theoretical literature that applied to these various themes. Aside from the correction of errors of emphasis and errors of fact dealt with in chapter two, chapter five of the dissertation is where most of the original research is reflected. This is the section which deals in depth with the experts that advised the South Africans at the time, how they came to be appointed, whose interests they served, what theories they used in support of their positions, and what was the decision-making process; from their appointment, until their reports were drafted into the law of the Union of South Africa. While Ally’s work (1994) is accepted as the principal work on the influence of the Bank of England, and Britain’s control of South African gold on South African gold and monetary policy, this dissertation claims legitimacy based on a much closer look at the motives and vested interests of the experts advising the South African government at the time. By the end of this chapter, I believe we are better placed to understand and analyse the relative influence of ideas and power on monetary policy in the period 1919 – 1936.
- Full Text:
- Date Issued: 2014
Resisting responsibilisation : a narrative-discursive analysis of young peoples' talk about high school sexualities and school sexuality education
- Authors: Graham, Nicola Susan Jearey
- Date: 2014
- Subjects: Responsibility in adolescence , Language and sex -- South Africa , Teenagers -- Sexual behavior -- South Africa , Sex instruction -- South Africa , Sexual health -- Study and teaching -- South Africa , Sexual ethics
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3230 , http://hdl.handle.net/10962/d1013078
- Description: The most widespread intervention in South Africa into the sexualities of young people is school based sexuality education. However there is a dearth of research in this area, and studies that have been conducted highlight major weaknesses with implementation. Research from Western countries indicates that the messages conveyed in sexuality education are resisted if they conflict with the desired sexual subjectivities of young people. This indicates a need for further research into desired youth sexualities, and school based sexuality education. While South African studies of young people‘s talk about sexualities have been conducted, there is a paucity of literature in this area from a discursive perspective. This study is situated within a feminist post-structuralist paradigm, utilising a performative-performance analytical approach which synthesises Butlerian theory with a narrative-discursive methodology. This approach enables an analysis of both the macro-discursive power webs within which sexualities are situated, and the micro-discursive activity through which sexual subject positions are constructed. I used this approach to analyse the talk of groups of students from a Further Education and Training College about the sexualities of High School learners and their own past sexuality education. Findings showed that that the most dominant discursive resources which were utilised to construct sexualities were societal sexual norms discourses. These foundational discourses constructed gendered sexualities of compulsory hyper-heterosex for men, and compulsory compliant girlfriendhood for women. Such gendered sexualities reinforced patriarchal and abusive gendered and sexual practices. Ways in which participants troubled the dominant gendered sexualities through the performance of alternative sexual positions were analysed, as these 'troubling' performances indicate mutable aspects of the normative gendered field. Participants drew on a discourse of disconnect when talking about their school sexuality education, and their parents‘ (lack of) communication with them about sex. This suggests that adultist attempts to construct a 'responsible' sexual subject position for young people are resisted when such a position is constructed in a non-relational manner. Collusion between the constructed gendered sexualities and the discourse of disconnect results in the un-performability of a 'responsible' sexual subject position. These findings were used to provide suggestions for enhancing school based sexuality interventions.
- Full Text:
- Date Issued: 2014
- Authors: Graham, Nicola Susan Jearey
- Date: 2014
- Subjects: Responsibility in adolescence , Language and sex -- South Africa , Teenagers -- Sexual behavior -- South Africa , Sex instruction -- South Africa , Sexual health -- Study and teaching -- South Africa , Sexual ethics
- Language: English
- Type: Thesis , Masters , MA
- Identifier: vital:3230 , http://hdl.handle.net/10962/d1013078
- Description: The most widespread intervention in South Africa into the sexualities of young people is school based sexuality education. However there is a dearth of research in this area, and studies that have been conducted highlight major weaknesses with implementation. Research from Western countries indicates that the messages conveyed in sexuality education are resisted if they conflict with the desired sexual subjectivities of young people. This indicates a need for further research into desired youth sexualities, and school based sexuality education. While South African studies of young people‘s talk about sexualities have been conducted, there is a paucity of literature in this area from a discursive perspective. This study is situated within a feminist post-structuralist paradigm, utilising a performative-performance analytical approach which synthesises Butlerian theory with a narrative-discursive methodology. This approach enables an analysis of both the macro-discursive power webs within which sexualities are situated, and the micro-discursive activity through which sexual subject positions are constructed. I used this approach to analyse the talk of groups of students from a Further Education and Training College about the sexualities of High School learners and their own past sexuality education. Findings showed that that the most dominant discursive resources which were utilised to construct sexualities were societal sexual norms discourses. These foundational discourses constructed gendered sexualities of compulsory hyper-heterosex for men, and compulsory compliant girlfriendhood for women. Such gendered sexualities reinforced patriarchal and abusive gendered and sexual practices. Ways in which participants troubled the dominant gendered sexualities through the performance of alternative sexual positions were analysed, as these 'troubling' performances indicate mutable aspects of the normative gendered field. Participants drew on a discourse of disconnect when talking about their school sexuality education, and their parents‘ (lack of) communication with them about sex. This suggests that adultist attempts to construct a 'responsible' sexual subject position for young people are resisted when such a position is constructed in a non-relational manner. Collusion between the constructed gendered sexualities and the discourse of disconnect results in the un-performability of a 'responsible' sexual subject position. These findings were used to provide suggestions for enhancing school based sexuality interventions.
- Full Text:
- Date Issued: 2014
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