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date: 07 July 2022

Abstract and Keywords

This article updates a previous analysis of the changing face and strategies of South African big business. In particular, it examines whether the group structure that characterized the country's business system under apartheid is now being used in the context of black economic empowerment. It presents an historical overview of the development of South African business groups and sketches the main policy developments since 1994 and their influence on groups. It also analyzes the case of Anglo-American and Rembrandt, by far South Africa's largest groups. Furthermore, it analyzes the recent rise of black groups in the broader framework of changing state–business relations. It concludes by framing the discussion in the broader pictures of the discussion on the transformation of corporate ownership in emerging economies and of the dynamics of economic growth and job generation in South Africa.

Keywords: South African business groups, policy developments, state–business relations, corporate ownership, economic growth

Andrea Goldstein

Andrea Goldstein is Deputy Director of the Heiligendamm Dialogue Process Support Unit at the OECD, France (at the time of writing he was a Senior Economist at the OECD Directorate for Financial and Enterprise Affairs). His research interests include regulatory reform in network industries, the impact of the emergence of China and India on other developing countries, and multinationals from emerging, transitional, and developing countries. He has published in several journals including Asian Development Review, Cambridge Journal of Economics, Industrial and Corporate Change, Journal of World Business, and World Economy. He is also the author of Multinational Companies from Emerging Economies: Composition, Conceptualization and Direction in the Global Economy (Palgrave, 2007).

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