Great Depression in South Africa

Severe economic depression that took place in South Africa

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The Great Depression had a pronounced economic and political effect on South Africa, as it did on most nations at the time. As world trade slumped, demand for South African agricultural and mineral exports fell drastically. It is believed that the social discomfort caused by the depression was a contributing factor in the 1933 split between the "gesuiwerde" (purified) and "smelter" (fusionist) factions within the National Party and the National Party's subsequent fusion with the South African Party.

The sudden lack of demand destroyed prices on commodities that were profitable to many Afrikaner farmers. For example, the price of wool fell 75% between 1925 and 1933.[1] A large portion of the agricultural industry were unable to repay mortgages on their over-capitalized farms. Thus, the National Party found itself losing favour with one of its largest constituencies—conservative, rural Boers.

South Africa was saved from a complete collapse by the gold mining industry—one of the largest and most advanced at the time—as the price of gold rose rapidly as investors sought a haven from the dead securities market. Growing gold exports compensated somewhat for the loss of other trade revenue. However, like the situation with the Boers, the National party lost support as the weak economy forced the gold corporations to replace white labourers with lower-paid blacks.

The National Party-led government staved off bankruptcy by raising taxes on imports, petrol and postage, amongst other things. This "unfair" taxation led to further dislike of the ruling government.

The coalition government between Jan Smuts and J.B.M. Hertzog was successful in 1933 partly because Smuts presented the public with a mock budget showing how South Africa's economic malaise could be lifted by floating the South African pound and removing it from the Gold standard, thus making exports more attractive, and creating a scenario in which undue taxation could be removed.

## See also

[edit]

* Economic history of South Africa
* Great Depression in the United Kingdom

## References

[edit]

1. ^ "Vigario Seminars: The Fall of the Greatest Monetary "Tower of Babel", part 3". Archived from the original on 2008-05-29. Retrieved 2008-01-29.

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Economy of South Africa

By province|

* Western Cape
* Gauteng

Flag of South Africa

Natural resources|

* Mining industry
* Coal
* Agriculture
* Whaling

Industry|

* Automotive industry

Services|

* Banks
* Gambling
* Tourism
* Ecotourism
* LGBT tourism
* Telecommunications
* Nuclear power
* Power stations

Economic history|

* Mineral Revolution
* Witwatersrand Gold Rush
* Great Depression
* Disinvestment

Affirmative action|

* Black Economic Empowerment
* Broad-Based Black Economic Empowerment
* Qualifying Small Enterprises
* Scorecard
* Exempted Micro Enterprises

Macroeconomics|

* National Treasury
* Taxation
* South African rand
* Reserve Bank
* Consumer price index
* Provinces by HDI
* Foreign trade

Misc.|

* Corruption
* Companies
* JSE Limited
* Traded companies
* Krugerrand
* State-owned enterprises
* National Budget of South Africa
* National debt
* Trade unions

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Politics of South Africa

By province|

* Eastern Cape
* Free State
* Gauteng
* KwaZulu-Natal
* Limpopo
* Mpumalanga
* North West
* Northern Cape
* Western Cape

Flag of South Africa

Political
movements|

| Ideologies|

* African nationalism
* Afrikaner nationalism
* Anarchism
* Anti-war
* Black consciousness
* Environmentalism
* Federalism
* Feminism
* Liberalism
* Pan-Africanism
* Non-racialism
* Trotskyism

|

Political parties|

see South Africa political parties

Other political
organisations|

* AfriForum
* Afrikanerbond
* Afrikaner Weerstandsbeweging (AWB)
* Congress of Traditional Leaders of South Africa (CONTRALESA)
* Congress of South African Students (COSAS)
* Earthlife Africa
* Keep Left
* Khanya College
* Koeberg Alert
* Lesbian and Gay Equality Project (LGEP)
* People Against Gangsterism and Drugs (PAGAD)
* South African Liberal Students' Association (SALSA)
* South African Students Congress (SASCO)
* South African Wine Initiative
* Zabalaza Anarchist Communist Front (ZACF)

Trade unions and
Social movements|

see South Africa trade unions

* Equal Education
* Mandela Park Backyarders
* People Against Suffering, Oppression and Poverty (PASSOP)
* Poor People's Alliance
* Abahlali baseMjondolo
* Landless Peoples Movement
* Western Cape Anti-Eviction Campaign
* Reclaim the City
* Social Justice Coalition
* Treatment Action Campaign
* Unemployed Peoples' Movement

Law|

see South African law

Political culture|

* African Renaissance
* Alternative media
* Azania
* Corruption
* (Don't) touch me on my studio
* Freedom Charter
* Proudly South African
* Rainbow nation
* Renaming
* Tenderpreneurs
* Toyi-toyi
* Ubuntu
* UnFreedom Day
* White monopoly capital
* Ungovernability
* Xenophobia

* Anti-Chinese sentiment
* Anti-Indian sentiment

| Slogans|

* "Amandla Ngawethu!"
* "No Land! No House! No Vote!"
* "Dubul' ibhunu" (Shoot the Boer)
* "One Settler, One Bullet"
* "Each One, Teach One"

|

Books and
periodicals|

* African Communist
* Amandla
* ANC Today
* Biko
* I Write What I Like
* Long Walk to Freedom
* Molotov Cocktail
* No Land! No House! No Vote!

Other|

* Corrective rape
* Crime
* Cape Independence
* Elections
* e-tolling
* Farm attacks
* Gupta family
* HIV/AIDS
* Labour brokering
* Land occupations
* Legacies of apartheid
* Lindela
* Phala Phala robbery
* Political assassinations
* Political repression
* Protests
* Sexual violence
* Shack fires
* Terrorism
* Third Force

Category

* v
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* e

Political history of South Africa

Defunct polities|

* Kingdom of Mapungubwe (c. 1075–c. 1220)
* Dutch Cape Colony (1652–1806)
* Mthethwa Paramountcy (c. 1780–1817)
* Ndwandwe Kingdom (c. 1780–1819)
* Cape Colony (1795–1910)
* Zulu Kingdom (1816–1897)
* Natalia Republic (1839–1843)
* Natal Colony (1843–1910)
* Orange Free State (1854–1902)
* South African Republic (1856–1902)
* Griqualand East (1861–1879)
* Griqualand West (1870–1873)
* Goshen (1882–1883)
* Stellaland (1882–1885)
* Nieuwe Republiek (1884–1888)
* Upingtonia (1885–1887)
* Klein Vrystaat (1886–1891)
* Orange River Colony (1902–1910)
* Transvaal Colony (1902–1910)
* Union of South Africa (1910–1961)
* Transkei (1976–1994)
* Bophuthatswana (1977–1994)
* Venda (1979–1994)
* Ciskei (1981–1994)

Events|

| Pre-colonial|

* Bantu migrations
* Battle of Salt River

|

1652–1815|

* Dutch settlement
* French Huguenot settlement
* Khoikhoi–Dutch Wars
* Xhosa Wars
* Battle of Muizenberg
* Battle of Blaauwberg
* Anglo-Dutch Treaty of 1814

1815–1910|

* Mfecane
* 1820 Settlers
* Great Trek
* Boer Republics
* Transvaal Civil War
* Mineral Revolution
* Witwatersrand Gold Rush
* South African Wars
* South Africa Act 1909 (National Convention)

1910–1948|

* South West Africa campaign
* Maritz rebellion
* Rand Rebellion
* Great Depression
* 1946 African Mine Workers' Union strike
* Bantustans

Apartheid|

* 1948 general election
* Apartheid legislation
* Pass laws
* Internal resistance
* Coloured-vote constitutional crisis
* Defiance Campaign
* Congress of the People
* Freedom Charter
* Women's March 1956
* 1957 Alexandra bus boycott
* Sharpeville massacre
* 1960 republic referendum
* International isolation
* UN Resolution 1761
* UNSC Resolution 591
* Academic boycott
* Disinvestment
* Constructive engagement
* Tar Baby Option
* Sporting boycott
* Olympics
* Rugby union
* Rivonia Trial
* Durban Moment
* Border War
* Israeli alliance
* Israel–South Africa Agreement
* Mafeje affair
* Soweto Uprising
* Weapons of mass destruction
* Project Coast
* Church Street bombing
* 1983 constitutional referendum
* Vaal uprising
* Langa massacre
* Rubicon speech
* Operation Vula
* Dakar Conference
* Transkei coup d'état
* Ciskei coup d'état
* Venda coup d'état
* Third Force
* CODESA
* Storming of the Kempton Park World Trade Centre
* Bisho massacre
* 1992 apartheid referendum
* Saint James Church massacre
* Bophuthatswana crisis
* Shell House massacre
* Sauer Commission

Post-
apartheid|

* 1994 general election
* Government of National Unity
* Reconstruction and Development Programme
* Truth and Reconciliation Commission
* Arms Deal
* Floor crossing
* Soweto bombings
* African Renaissance
* Travelgate
* Xenophobia
* Attack on Kennedy Road
* Blikkiesdorp
* Marikana massacre
* 2012 Western Cape farm workers' strike
* Nkandlagate
* Racism
* 2014 platinum strike
* #RhodesMustFall protests
* #FeesMustFall student protests
* Tshwane riots
* 2019 service delivery protests
* 2019 Johannesburg riots
* COVID-19 pandemic
* 2020 Phala Phala Robbery
* 2021 unrest
* Lady R incident

Political culture|

* African nationalism
* Afrikaner Calvinism
* Afrikaner nationalism
* Anarchism
* Azania
* Baasskap
* Boerehaat
* Black Consciousness Movement
* Cape Independence
* Day of the Vow
* Greater South Africa
* Honorary whites
* Rooi gevaar
* Slavery
* Swart gevaar
* Uitlander
* Volkstaat

Defunct
organisations|

| Civic and political
organisations|

* Afrikaner Bond
* Afrikaner Broederbond
* Afrikaner Party
* AITUP
* APO
* AVF
* BPC
* Black Sash
* Boerestaat Party
* CDA
* CNIP
* CTEG
* COD
* Congress Alliance
* COSG
* CP
* DLF
* Dominion Party
* DP (1973–1977)
* DP (1989–2000)
* DPP
* DSM
* ECC
* FA
* FD
* Genootskap van Regte Afrikaners
* GNP
* Het Volk
* HNP (Herenigde)
* HNP (Herstigte)
* IDASA
* ID
* IP
* ISL
* Jeugkrag
* Johannesburg Reform Committee
* Labour Party (1910–1958)
* Labour Party (1969–1994)
* Liberal Party (1953–1968)
* NA
* NCP
* Natal Indian Congress
* NLP
* NNP
* NP
* NPP
* NRP
* NUSAS
* Occupy
* Orangia Unie
* Oranjewerkers
* Orde Boerevolk
* PAVN
* PFP
* Progressive Party (Cape Colony)
* Progressive Party
* PRP
* Radio Freedom
* Reform Party
* SABP
* SADECO
* SAIC
* SASO
* SAYCO
* SAYRCO
* South African Party (Cape Colony)
* South African Party (1911–1934)
* South African Party (1977–1980)
* TNIP
* Torch Commando
* UFP
* United Party
* Unionist Party
* National Party of Venda
* Volksparty
* Workers Party
* WOSA

|

Trade unions and
social movements|

* APF
* BCM
* BLATU
* CNETU
* CTSWU
* FCWU
* FNETU
* FOSATU
* ICU
* IWW
* MUSA
* NEUM
* NURHS
* PAWE
* SAAPAWU
* SACTU
* SAIF
* SARHU
* SATUC
* Die Spoorbund
* UDF
* Umkosi Wezintaba

Paramilitary and
terrorist organisations|

* APLA
* ARM
* AWB
* BBB
* Boeremag
* Greyshirts
* MK
* Ossewabrandwag
* Orde van die Dood
* PAGAD
* SANF

Histories of
political parties|

* African National Congress
* Democratic Alliance
* Pan Africanist Congress of Azania

Category

* v
* t
* e

Great Depression

Topics|

* Causes
* Wall Street crash of 1929
* Smoot-Hawley Tariff Act
* Dust Bowl
* Effect in cities
* Recession of 1937–1938
* Timeline

By country|

* Argentina
* Australia
* Brazil
* Canada
* Chile
* France
* Germany
* India
* Italy
* Japan
* Latin America
* Netherlands
* Romania
* South Africa
* United Kingdom
* United States

United States|

* Bonus Army
* New Deal

* Category
* Commons

* v
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* e

Economic history of the United States and Commonwealth of Nations countries

Commercial revolution
(1000–1760)|

* Great Slump (1430–1490)
* Financial Revolution (1690–1800)
* Slump of 1706
* Great Frost of 1709

1st Industrial Revolution/
Market Revolution
(1760–1870)|

* British credit crisis of 1772–1773
* 1772–1774; England
* Scotland
* American Colonies
* Panic of 1785 (1785–1788)
* Copper Panic of 1789/Panic of 1792 (1789–1793)
* Panic of 1796–1797 (1796–1799)
* 1802–1804 recession
* Depression of 1807 (1807–1810)
* 1812 recession
* Post-Napoleonic Depression (1815–1821)
* 1822–23 recession
* Panic of 1825 (1825–1826)
* 1828–29 recession
* 1833–34 recession
* Panic of 1837 (1836–1838 and 1839–1843)
* 1845–46 recession
* Panic of 1847 (1847–1848)
* 1853–54 recession
* Panic of 1857 (1857–1858)
* 1860–61 recession
* U.S. Civil War economy (1861–1865)
* Panic of 1866 (1865–1867)
* Black Friday (1869–1870)

Gilded Age/
2nd Industrial Revolution
(1870–1914)|

* Long Depression/Great Deflation
* 1873–1879; United Kingdom
* United States
* Depression of 1882–1885
* 1887–88 recession
* Baring crisis (1890–1891)
* Panic of 1893 (1893–1897)
* 1899–1900 recession
* Panic of 1901 (1902–1904)
* Panic of 1907 (1907–1908)
* Panic of 1910–11 (1910–1912)
* Financial crisis of 1914 (1913–14)

World War home fronts/
Interwar period
(1914–1945)|

* World War I home front
* Australia
* Canada
* United Kingdom
* United States
* Post–World War I recession (1918–1919)
* Recession of 1920–1921
* Roaring Twenties
* 1923–1924 recession
* 1926–1927 recession
* Great Depression
* 1929–1939; Australia
* Canada
* India
* South Africa
* United Kingdom
* United States
* Recession of 1937–1938
* World War II home front
* Australia
* Canada
* United Kingdom
* United States

Post–WWII expansion/
1970s stagflation
(1945–1982)|

* 1945 recession
* Recession of 1949 (1948–1949)
* Hong Kong and Singapore Asian Tiger expansions (1950–1990)
* Recession of 1951
* Recession of 1953 (1953–1954)
* Recession of 1958 (1957–1958)
* Recession of 1960–1961
* Recession of 1969–1970
* 1973–1975 recession
* United Kingdom
* United States
* Early 1980s recession
* 1980–1982; Canada
* United Kingdom
* United States

Computer Age/
Second Gilded Age
(1982–present)|

* Great Moderation (1982–2007)
* Early 1990s recession
* 1990–1991; Australia
* Canada
* United Kingdom
* United States
* 1990s United States boom
* 1990s India economic boom
* 1997 Asian financial crisis
* Early 2000s recession (2001)
* Great Recession
* 2007–2009; Australia
* Bangladesh
* Canada
* India
* Malaysia
* New Zealand
* Pakistan
* South Africa
* Sri Lanka
* United Kingdom
* United States
* Malaysia Tiger Cub expansion (2010s)
* COVID-19 recession
* 2020–2022; Australia
* Bangladesh
* Belize
* Botswana
* Canada
* India
* Malaysia
* Namibia
* New Zealand
* Singapore
* United Kingdom
* United States
* Zambia
* 2023 recession

Countries and sectors|

* Australia
* Canada
* agriculture
* currencies
* early banking system
* list of recessions
* petroleum industry
* technological and industrial
* Ghana
* India
* agriculture
* Company rule
* British Raj
* Deindustrialisation
* Malaysia
* New Zealand
* Nigeria
* Pakistan
* South Africa
* Uganda
* United Kingdom
* Agricultural Revolution
* history of banking
* British Empire
* Interwar unemployment and poverty
* list of recessions
* Middle Ages England/agriculture
* pre-Republic Ireland
* Scotland/agriculture/Middle Ages/Industrial Revolution
* trade unions
* Victorian era
* Wales/Industrial Revolution
* United States
* agriculture
* banking
* business
* central banking
* Industrial Revolution
* investment banking
* labor
* list of economic expansions
* list of recessions
* lumber industry
* monetary policy
* petroleum industry
* tariffs
* technological and industrial
* United States dollar
* Zimbabwe

Related topics|

* Aggregate demand/Supply
* Effective demand
* General glut
* Model
* Overproduction
* Paradox of thrift
* Price-and-wage stickiness
* Underconsumption
* Business cycle
* Credit cycle
* Deflation/Inflation
* Chronic
* Classical dichotomy
* Disinflation
* Money supply/demand
* Neutrality of money
* Price level
* Real and nominal values
* Velocity of money
* Expansion
* Miracle
* Recovery
* Stagnation
* Interest rate
* Nominal interest rate
* Real interest rate
* Yield curve/Inverted
* Recession
* Balance sheet
* Depression
* Global
* Rolling
* Shapes
* Stagflation
* Shock
* Demand
* Supply
* Unemployment
* Sahm rule

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