Apartheid Economically Unsustainable
In 1990 the white president Frederik Willem (F.W.) de Klerk recognised the economic unsustainability of the apartheid system and released Nelson Mandela the black nationalist leader and unbanned the African National Congress (ANC) that Mandela led.
Despite some fears that the country could become unmanageable because of tribal conflict or even a military take over by the white-dominated armed forces de Klerk and Mandela guided the country to democratic elections in 1994 with Mandela as president.
Despite socialist rhetoric and support from socialist countries in its early years the ANC maintained the mixed economy and encouraged the market economy including relaxing foreign exchange controls.
In January 1991, SACP general secretary Joe Slovo, DP Finance Spokesman Harry Schwarz and Deputy Finance Minister Org Marais, debated the state's role in a post-apartheid economy, in an historic debate organized by the Institute for a Democratic Alternative for South Africa.
Read more about this topic: Economic History Of South Africa
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