White Wealth and Black Poverty: American Investments in Southern Africa

By Barbara C. Rogers | Go to book overview

chapter 3
THE SPECIAL ROLE OF FOREIGN INVESTMENT IN SOUTH AFRICA'S ECONOMY

The inflow of foreign capital into South Africa has been associated at every stage of the country's economic growth with the opening of new and vital sectors of the economy, which could never have been launched without the capital, and even more, the expertise, of overseas investors. The South African industrial and mining economy is at its present stage of prosperity because of the massive intervention of foreign capital at crucial stages in the country's history. This is true of gold, uranium, platinum, and other mining, the manufacturing sector, and emerging sectors such as "defense" industries, the auto industry, and nuclear power. After the initial, pioneering stage, the foreign enterprise tends to take on a local coloration and becomes more identified with the general economic interests of the South African white community.

The history of gold mining is the outstanding example of this process. For technical reasons both diamond mining and, more particularly, gold mining (emerging in the 1880s) required inputs of capital on a scale beyond the resources of the existing white settlers. This was particularly the case for the deep-level gold mines that began to be developed in the early 1890s. The investment capital for this purpose came from Britain and Europe, prompted by the international demand for gold as currency. This

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White Wealth and Black Poverty: American Investments in Southern Africa
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Preface vii
  • Acknowledgments xi
  • Introduction xiii
  • Chapter 1 Separate Development and White Supremacy 3
  • Notes 19
  • Chapter 2 Wealth and Poverty in South Africa 23
  • Notes 83
  • Chapter 3 the Special Role of Foreign Investment in South Africa's Economy 93
  • Chapter 4 the Role of United States Investment in South Africa 123
  • Notes 162
  • Chapter 5 Namibia 170
  • Notes 211
  • Chapter 6 Southern Rhodesia 217
  • Notes 227
  • Chapter 7 Former Portuguese Colonies 230
  • Notes 247
  • Chapter 8 the Prospect of International Boycotts 251
  • Notes 264
  • Chapter 9 Summary 267
  • Chapter 10 Conclusions 280
  • Appendix I U.S. Corporations with Operations in South Africa 289
  • Appendix II Companies with Operations in Namibia Linked with South African Investments 297
  • Appendix III U.S. Corporations with Interests in Southern Rhodesia 299
  • Appendix IV Universal Declaration of Human Rights 306
  • Index 311
  • About the Author 333
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