Society
Harvard’s Hausmann Bemoans South Africa’s ‘Lousy’ Economic Performance
- Country has de-industrialized faster than other parts of world
- Dominant ruling party means no consequences for indecision
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South Africa’s woeful economic performance boils down to one key factor — a lack of electricity, according to Harvard University’s Professor Ricardo Hausmann.
About two decades of power cuts, exacerbated by the government’s inability to make decisions and its adherence to hidebound ideology, have de-industrialized what was once a promising economy, said Hausmann, who has advised the South African government and studied the country for two decades.