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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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes and References

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    Douglass, C. North and Robert Paul Thomas, The Rise of the Western World, Cambridge, 1973, p. 1.Google Scholar
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    W. Arthur Lewis, Growth and Fluctuations, 1870–1913, London, 1978, p. 149.Google Scholar
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    John R. Shorten, The Johannesburg Saga, Johannesburg, 1970, p. 249.Google Scholar
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    See the article by Jon Inggs, ‘The Liverpool of the Cape: Port Elizabeth Trade: 1820–70’ in The South African Journal of Economic History, vol. 2, no. 1, 1987.Google Scholar
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  13. and S. H. Frankel, Investment and the Return to Equity Capital in the South African Gold Mining Industry, 1887–1965, Oxford, 1967.Google Scholar
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    D. Hobart Houghton, The South African Economy, Cape Town, 1967, p. 101.Google Scholar
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    H. Oppenheimer, Address to the Chicago Council on Foreign Relations, 30 March 1983, Supplement to Optima, vol. 31, no. 2, 1984.Google Scholar

Copyright information

© Stuart Jones 1988

Authors and Affiliations

  • Stuart Jones

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