ABSTRACT
This chapter presents a new outlook on the South African macro-economy and analyses its unemployment problem based on international comparative studies informed by the viewpoint of industrial structure theory. The South African economy, which begun financial liberalisation taking advantage of gold price boom during 1979–1981, lost the game owing to worldwide public opinion. The outstanding difference in macro-economic performance between South Africa and developed countries in the 1980s will be found in that further acceleration of inflation experienced by South Africa. The relatively high position accorded to governmental services in South Africa will correspond to the administration system under Apartheid, and the percentage of the mining sector is determined by its endowment of mineral resources. Thailand, which is surpassed by South Africa in terms of its portion of employment in the machinery industries, holds more than five times the percentage of South Africa in terms of agricultural employment.
