The Political Economy of the SA Steel Industry

SOUTH AFRICA - Report 30 Sep 2015 by Iraj Abedian

Schumpeter famously argued that innovation along with the destruction of old technologies are fundamental in the capitalist economy, its growth and technical change over time. Hence in a capitalist economy, profit-seeking firms (and industries) innovate for growth and survival. Globalization, especially with higher levels of international trade, means that competition among firms in some industries across the globe is more intense, leading to more creative destruction – more innovation and destruction of old technologies along with less innovative corporations or even industries.

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