The relationship between the price of oil and the level of economic activity is a fundamental issue in macroeconomics. There is an ongoing debate in the literature about whether positive oil price shocks cause recessions in the United States (and other oil-importing countries), and although there exists a vast empirical literature that investigates the effects of oil price shocks, there are relatively few studies that investigate the direct effects of uncertainty about oil prices on the real economy. The book uses recent advances in macroeconomics and financial economics to investigate the effects of oil price shocks and uncertainty about the price of oil on the level of economic activity.

How Sanctions Work surveys theories of international sanctions and offers detailed analyses of the effect of sanctions on apartheid South Africa. Chapters by respected international experts cover cultural isolation, oil and military embargoes, trade boycotts, financial sanctions and divestment, consequences for black South Africans, and regional effects. The book shows how sanctions both directly and indirectly hurt the apartheid regime while in some cases offering succour to the anti-apartheid movement.

Examines the history, politics, and social problems of South Africa and suggests five objectives for U.S. policy toward that nation

Oil is the lifeblood of modern industrial economies. Petroleum powers virtually all motorized transport, which in turn enables most economic activities and provides mobility for citizens. But oil is a finite resource that is steadily depleting. In the past decade, the phenomenon of global peak oil – the fact that annual world oil production must at some point reach a maximum and then decline – has emerged as one of the twenty-first century’s greatest challenges. South Africa imports over two-thirds of its petroleum fuels, and history has shown that oil price shocks generally translate into a weakening currency, rising consumer prices, increasing joblessness and a slow-down in economic activity. This book examines the implications of peak oil for socioeconomic welfare in South Africa and proposes a wide range of strategies and policies for mitigating and adapting to the likely impacts. It contains a wealth of data in tables and figures that illustrate South Africa’s oil dependencies and vulnerabilities to oil shocks. The material is presented from a systems perspective and is organized in key thematic areas including energy, transport, agriculture, macro-economy and society. The study highlights the risks, uncertainties and difficult choices South Africa faces if it is to tackle its oil addiction, and thereby serves as an example for researchers, planners and policy-makers in the developing world who will sooner or later confront similar challenges. This case study brings a fresh southern perspective to an issue of global importance, and shows how the era of flattening and then declining global oil supplies may be a pivotal period in which either the project of industrialization progressively runs out of steam, or societies are able to undertake a proactive transition to a more sustainable future.

This paper updates estimates of fossil fuel subsidies, defined as fuel consumption times the gap between existing and efficient prices (i.e., prices warranted by supply costs, environmental costs, and revenue considerations), for 191 countries. Globally, subsidies remained large at $4.7 trillion (6.3 percent of global GDP) in 2015 and are projected at $5.2 trillion (6.5 percent of GDP) in 2017. The largest subsidizers in 2015 were China ($1.4 trillion), United States ($649 billion), Russia ($551 billion), European Union ($289 billion), and India ($209 billion). About three quarters of global subsidies are due to domestic factors—energy pricing reform thus remains largely in countries’ own national interest—while coal and petroleum together account for 85 percent of global subsidies. Efficient fossil fuel pricing in 2015 would have lowered global carbon emissions by 28 percent and fossil fuel air pollution deaths by 46 percent, and increased government revenue by 3.8 percent of GDP.

Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.

This book covers the contributions of various international organisations, governments and their peoples, and solidarity organisations to the liberation struggle in South Africa. With emphasis on international solidarity with the liberation struggle, the subject matter in this book examines and analyses the events leading to the settlement of democracy in South Africa with a focus on: the events leading to the banning of the liberation movements; the various strategies and tactics adopted in pursuit of the democratic struggle; and the events leading to the advent of democracy Print editions not for sale in Sub-Saharan Africa. This book is part of Routledge’s co-published series 30 Years of Democracy in South Africa, in collaboration with UNISA Press, which reflects on the past years of a democratic South Africa and assesses the future opportunities and challenges.