South Africa’s economy is in a mess, to say the least, and this is solely and exclusively the fault of policymakers. Yet it is not beyond redemption. The overall remedy lies in simply utilising empirical evidence in the form of studies that demonstrate the close and proven correlation between economic freedom (free markets) and high economic growth, which in turn translates to increased GDP per capita, high employment levels, better education and increased lifespans: all the positive social indicators that collectively amount to a good, contented and prosperous life. The Human Freedom Index (published by the Cato Institute), the Index of Economic Freedom (Heritage Foundation and The Wall Street Journal), the International Property Rights Index (initiated by economist Hernando de Soto and involving the Property Rights Alliance) and Economic Freedom of the World (Fraser Institute and over 100 think tanks worldwide) all attest to the axiomatic, empirically verifiable connection between economic freedom and economic growth, and the positive social outcomes that emanate from this.
SOUTH AFRICA’S SLIDE
The socio-economic misery of South Africa is self-inflicted and, ipso facto, can be reversed, as illustrated in the Economic Freedom of the World (EFW) report, which is evidenced by the abovementioned studies. The EFW report ranks countries according to the measurement of their level of economic freedom. South Africa features at position 84 out of 165 countries, according to the EFW’s annual report of 2019.
After being placed 54th in 2000, South Africa’s measure of economic freedom has gone into a sorry decline, hitting 62nd in 2005 and 79th in 2010.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Syngenta Seedcare celebrates a decade of innovation
Syngenta's ambition is to enable their customers' investments to grow in healthy soil from treated seeds to young plants through innovation and collaboration, writes Magda du Toit.
Agri workers shine at Western Cape awards
Lindie-Alet van Staden, a garden and olive orchard manager at L’Ormarins Wine Estate in Franschhoek, was crowned as the Western Cape Prestige Agri-Worker of 2024 at a gala event recently held near Paarl.
Small and large farmers recognised at grain awards
The annual Grain SA/Syngenta awards ceremony bears testimony to the quality of farmers in the grain industry.
Growing partnerships: Fedgroup's flexible and innovative approach
Janine Ryan spoke to Warren Winchester, general manager of impact investing at Fedgroup, about why the company became involved in agriculture, and what it offers farmers and their immediate communities.
Why fish farms fail, and how to avoid becoming a statistic
The popularity of launching fish farms is not matched by their success. Leslie Ter Morshuizen, owner of Aquaculture Solutions, explores the factors that cause most of these businesses to go under.
Where history and modernity meet in a luxurious setting
Brian Berkman kept his eyes peeled for ghosts in the oldest continuously run hotel in South Africa, but all he found was a fabulous two-night stay.
THE HITCHING POST
I'm a stylish elderly lady with a radiant glow and a good sense of humour that keeps me young at heart.
Cutworms: check the weeds on your fields!
Zunel van Eeden explains why understanding the ecological interplay between cutworms and weeds is crucial for effective pest management. Producers should disrupt the life cycle of cutworms to minimise crop damage.
Does high-density grazing mimic grazing patterns of game?
In their paper on high-density grazing in Southern Africa, professors Angelinus Franke and Elmarie Kotzé from the Department of Soil, Crop and Climate Sciences at the University of the Free State say high-density grazing systems may not accurately reflect natural ecosystems. Roelof Bezuidenhout reports.
Global grain outlook: 2024/25 marketing season
In its latest summer crops report, the Crop Estimates Committee says South African farmers intend to plant 4,47 million hectares of summer grains and oilseeds in the 2024/25 season, up 1% from the previous season. As South Africa exports maize and soya bean, Annelie Coleman reports on the latest trends in the international grain and oilseed markets, amid fluctuations in weather conditions and ongoing armed conflicts.
