Developments prior to the late 19th century. The source Dutch colony was established near Capetown in 1652 as a way station to the riches further East. The snow-clad hard core minority today represents in bad part, according to Waldmeir, "descendants of the original handful of Dutch, French Huguenots and German settlers who colonized this harsh and distant land in the 17th and eighteenth centuries" (1997, p. xii). Minter says that from its inception, "wool from the Cape and sugar produced by Indian labor in Natal laid the creation for an export delivery" (1986, p. 5). However, before diamonds were discovered at Kimberley in 1867 and money in the Winvatersrand near Johannesburg a decade later, the economy was largely self-sufficient, characterized by the herding and farming activities of Boer or Afrikaner farmers.
Foreign investment bully, primarily portfolio capital, flowed into southwesterly Africa in the last get out of the 19th century to develop the diamond fields and gold mines. By the turn of the century more unknown capital was invested in South Africa than in all the rest of Africa combined. The South African economy was obtaind by mineral monopolies base in London. According to Minter, "capital owned by foreign investors . . . has consistently been an important factor in the southern African mining industry, but investors permanently resident in grey Africa have also held substanti
the democracy of South Africa has always been regarded by foreign investors as a gold mine . . . where profits atomic number 18 great and problems are small. Capital is not threatened by
al ownership and ascendency" (1986, p. 15). The great British imperialist, Cecil Rhodes, controlled most of the diamond production by his De Beers Consolidated Mines. A tether local entrepreneur was the Oppenheimer family which came to dominate the production of gold and many other minerals through their Anglo-American Corporation.
Since it was founded in 1912, ANC and its leadership had been strongly influenced by Socialist (Marxist) economic and political thought.
Through most of the apartheid era ANC had been supported by the South African Communist Party (SACP), which controlled the largest black trade union, the telling of South African Trade Unions (COSATU). According to Waldmeir, "ANC economic opening was dominated by [SACP]; the party believed that it had to control economic production, in order to redistribute wealth" (1997, p. 252). As a leading plank of its platform, the Freedom Charter, adopted in 1955, ANC favored the communization of the mines, banks and other monopoly industries. According to Waldmeir, "a strong suspicion of capitalism and 'big business' . . . pervaded the ranks of the ANC" (1997, p. 253).
First moral (1963) and then mandatory (1977) sanctions on weapons system shipments had been approved by the coupled Nations, but, for primarily reasons of cold struggle politics, economic sanctions against South Africa failed to make much headway because of the resistor of the principal western powers, the United States and Great Britain. The American exporting Import Bank had imposed a freeze on loans to South Africa in 1978 during the administration of prexy Jimmy Carter. Neither, however, President Ronald Reagan nor Prime Minister Margaret Thatcher favored sanctions.
In fact, after the United States Congress, pursuant to the Comprehensive Anti Apartheid Act of 1986,
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