ABSTRACT
The Chamber of Mines in the Union of South Africa supported the Natives Land Act of 1913, which introduced territorial segregation to the country shortly after its founding in 1910. Business engagement based on these changed notions was meaningful. At the national level, the Consultative Business Movement was launched in 1988 to work with democratic forces inside the country and the African National Congress in exile. The narrative of a robust private sector as a foundation for peaceful development has its roots in classical liberal outlooks on institutions and the economy. The blueprint for policy reforms that evolved came to be known as the ‘Washington Consensus’, a term coined by economist John Williamson in 1990. The International Finance Corporation was created in 1956 to make private-sector loans; this was expanded to private-sector investments in 1961, and in 1971 to the development of capital markets.
