Patrick Bond: Debt, Uneven Development and Capitalist Crisis in South Africa – From Marikana Microfinance Mashonisas to Moody’s Macroeconomic Monitoring

The power, vulnerability and destructiveness of financial markets have spiraled out of control in a South Africa that by 2012 was amongst the most unequal, economically volatile and protestintensive in the world. The scourge of debt made itself felt in many sites, but of interest in both criticizing and promoting solutions is the ‘scale jumping’ required from SA’s national insertion
into the world financial system, entailing the Reserve Bank setting interest rates at a level amongst the world’s highest over the past two decades, in turn leading to unpayable levels of unsecured consumer debt at a time microfinance was suddenly discredited as a development strategy. More

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