This paper explores the institutional factors behind the crisis of capital accumulation in South Africa in the 1970s and 1980s. Estimations show that political instability accounted for most of the fall in the rate of accumulation, independent of distributive outcomes, such as the level of...

This paper explores the institutional factors behind the crisis of capital accumulation in South Africa in the 1970s and 1980s. Because of its focus on institutional stability, the paper contributes to the literature on the existence of an apartheid social structure of accumulation in which...