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IS SOUTH AFRICA WORTHY of IT's BRIC in BRICS? By IS SOUTH AFRICA WORTHY OF IT’S BRIC IN BRICS? By Tamsin Farren Valjalo Student number: 50799878 Submitted in accordance with the requirements for the degree of MASTERS OF COMMERCE In the subject BUSINESS MANAGEMENT at the UNIVERSITY OF SOUTH AFRICA SUPERVISOR: PROF M S NGWENYA September 2018 DEDICATION This dissertation is dedicated to my loving mother, Linda Valjalo who has always supported every dream and believed in me. I couldn’t have done this without you. i ii LETTER FROM LANGUAGE EDITOR iii ACKNOWLEDGEMENTS I wish to express my utmost gratitude to the following individuals who made the completion of this dissertation possible: Firstly, my supervisor, Professor Ngwenya, for the guidance and motivation he provided to enable me to complete this study. I thank you for your dedication, support, patience and encouragement. I would further like to acknowledge the guidance and support of Professor Henry Mynhardt during the initial stages of this study. Dr Elizabeth Archer, I am grateful for your lessons on qualitative analysis. To each individual who participated in the study. The suggestions and insights that you shared made this study possible. Your cooperation is highly appreciated. Lastly, special thanks go to my family who constantly motivated me to achieve my goal. I thank you for believing in me and appreciate all your support every step of the way. iv ABSTRACT 'BRIC' is an acronym created by Jim O’Neil to describe some of the world’s leading emerging economies, namely Brazil, Russia, India, and China. During 2010, the members of the group included South Africa and 'BRIC' was renamed 'BRICS'. The primary objective of this study was to investigate whether South Africa should be included in BRICS, taking into account that the country represents the whole of Africa. Data was collected by means of self- administered questionnaires and face-to-face semi-structured interviews. The results suggest that South Africa should be included in BRICS as it is depicted as the regional leader and gateway to the continent. This is demonstrated by its global economic prominence especially through multilateral organisations such as SADC, AU, and it is the only African country in the G20. It is recommended that South Africa should work together with other African countries and encourage their inclusion in achieving common economic goals. KEY TERMS: BRIC; BRICS; South Africa; Africa. v INGABA UMZANTSI AFRIKA UNENDIMA EYIYO KWIBRICS? ISISHWANKATHELO Isishunqulelo esithi“BRIC” senziwa nguJim O’Neil exela amanye amazwe aphambili kwezoqoqoshoto, mazwe lawo ayiBrazil, Russia, India, neChina. Ngonyaka wama-2010, amalungu eli qela adibanisa uMzantsi Afrika, yaza i“BRIC” yabizwa ngokutsha yaba yi“BRICS” (kuba uMzantsi Afrika uqala ngonobumba u’S’ ngesiNgesi). Injongo ephambili yesi sifundo yayikukuphanda ukuba ufakwe kusini na kwiBRICS uMzantsi Afrika, kungalityalwanga ukuba eli lizwe limele yonke iAfika. Kwaqokelelwa iinkcukacha zolwazi ngokusebenzisa uludwe lwemibuzo nokuqhuba udliwano ndlebe oluphantse lwangqingqwa. Iziphumo zicebisa ukuba uMzantsi Afrika mawungene kwiBRICS ngoba ubonakaliswa njengenkokheli yengingqi nesango lokungena kwilizwekazi laseAfrika. Oku kubonakaliswe kukugqama kwezoqoqosho, ngakumbi kumaqumrhu ezizwe ngeziwe afana neSADC neAU. Ngaphaya koko, lilo lodwa ilizwe laseAfrika kwiqumrhu iG20. Kuyacetyiswa ukuba uMzantsi Afrika usebenzisane namanye amazwe aseAfrika, ukhuthaze ukuba nawo athathe inxaxheba ukuze kufikelelwe kwiinjongo zoqoqosho ezifanayo. AMAGAMA APHAMBILI: BRIC; BRICS; Mzantsi Afrika; Afrika. vi NA AFRIKA BORWA E LOKETŠWE KE BRIC YA YONA KA GO BRICS SETSOPOLWA “BRIC” ke akhronimi yeo e hlotšwego ke Jim O’ Neil go hlaloša tše dingwe tša diekonomi tše di hlagelelago tšeo di etilego pele e lego Brazil, Russia, India le China. Ka 2010, maloko a sehlopha a akareditše Afrika Borwa gomme “BRIC” ya bitšwa “BRICS” seswa. Maikemišetšo a motheo a thutelo ye e be e le go nyakišiša ge eba Afrika Borwa e swanetše go akaretšwa ka go BRICS, ka go hlokomela gore naga e emela Afrika ka moka ka gona. Datha e kgobokeditšwe ka mokgwa wa mananeopotšišo ao a diretšwego go arabja ke baarabi le dipotšišo tšeo di sa latelego lenaneo leo le itšeng. Dipoelo di eletša gore Afrika Borwa e swanetše go akaretšwa ka go BRICS bjalo ka ge e laetšwa bjalo ka moetapele wa lefelo le mokgwaphihlelelo kontinenteng. Se se laetšwa ke bothwadi bja ekonomi ya yona nkgokolofaseng, gagolo ka mokgwa wa mekgatlo ya go bopša ke dinagantši ye bjalo ka SADC le AU. Ebile ke naga e nnoši ya Afrika ka go G20. Go eletšwa gore Afrika Borwa e šome mmogo le dinaga tše dingwe tša Afrika le go hlohleletša go ba gona ga tšona phihlelelong ya dinepo tše di swanago ekonoming. Mareo a bohlokwa: BRIC; BRICS; AFRIKA BORWA; Africa. vii TABLE OF CONTENTS DEDICATION………………………………………………………………………………. i DECLARATION……………………………………………………………………………. ii LETTER FROM LANGUAGE EDITOR…………………………………………….……. iii ACKNOWLEDGEMENTS………………………………………………………………… iv ABSTRACT…………………….…………………………………………………………... v XHOSA ABSTRACT………………………………………………………………………. vi SESOTHO ABSTRACT…………………………………………………………………… vii TABLE OF CONTENTS…….…………………………………………………………….. viii LIST OF TABLES………………………………………………………….………………. xx LIST OF FIGURES…………...………………….………………………………………... xxi LIST OF ACRONYMS…………………………………………………..………………... xxii CHAPTER 1: INTRODUCTION 1.1 Introduction…………………………………………………………………………. 1 1.2 Background of the study………………………………………………………….. 2 1.2.1 The creation of BRICS…………………………………………..…….. 2 1.2.2 Latest advancements in BRICS………………………………….…... 6 1.2.3 Objectives of BRICS after the 2013 Summit……………….….……. 8 1.3 Problem statement………………………………………………………………… 8 1.4 Research questions……………………………………………………………….. 9 1.4.1 Why South Africa should be in BRICS………………………….…… 9 1.4.2 What can South Africa contribute to BRICS…………….………….. 10 1.5 Research objectives………………………………………………………………. 10 1.5.1 Primary objective……………………………………………….……… 10 1.5.2 Secondary objectives…………………………………………………. 10 1.6 Significance of the study…………………………………………………………. 10 1.7 Research design and methodology…………………………………………….. 11 1.7.1 Research design……………………………………………………… 12 1.7.2 Defining the research universe……………………………………… 13 1.7.2.1 Population and sample………………………………………………. 13 1.7.3 Data collection………………………………………………………… 14 viii 1.7.4 Analysing data………………………………………………………… 15 1.8 Scope and demarcation of the study…………………………………………… 16 1.8.1 Limitations of the study……………………………………………… 16 1.8.2 Delimitations of the study…………………………………………… 16 1.9 Research ethics……………………………………………………….………… 16 1.10 Structure of the study…………………………………………………………… 17 1.11 Conclusion……………………………………………………………………….. 18 CHAPTER 2: LITERATURE REVIEW ON BRICS 2.1 Introduction………………………………………………………………………. 20 2.1.1 How BRICS was formed…………………………………………… 20 2.1.1.1 Growth rate………………………………………………………….. 22 2.1.1.2 South Africa is the largest economy in Africa…………………… 23 2.1.1.3 Changes in world economy……………………………………….. 24 2.1.1.4 BRICS has no analogues…………………………………………. 24 2.1.1.5 Foreign investment and media perceptions…………………….. 24 2.1.1.6 Political reality………………………………………………………. 25 2.1.1.7 Breakaway from northern axis……………………………………. 25 2.1.1.8 Each BRIC member provides resources………………………… 25 2.1.1.9 Transition…………………………………………………….……… 26 2.1.1.10 Political alternatives………………………………………….…….. 26 2.1.1.11 New approach……………………………………………….……… 27 2.1.1.12 Global disclosure monopoly………………………………’.……… 27 2.1.1.13 Competition with other organisations……………………….……. 27 2.1.1.14 Inspiration for emerging powers to work together……….……… 28 2.1.1.15 Channels of communication built…………………………….…… 28 2.1.1.16 Global shocks……………………………………………….………. 28 2.1.1.17 Contemporary challenges………………………………….………. 29 2.1.2 Significance of BRICS……………………………………………… 29 2.1.2.1 Global managers of tomorrow…………………………………….. 30 2.1.2.2 Rapid economic growth and industrialization……………………. 31 2.1.2.3 International influence……………………………………………… 31 2.1.2.4 Leadership and supporting roles………………………………….. 31 ix 2.1.2.5 Geographic and demographic dimensions………………………. 32 2.1.3 Commonalities and differences of BRICS……………………….. 32 2.1.3.1 Regional leaders with fast growing economies………………… 32 2.1.3.2 Emerging markets…………………………………………………. 33 2.1.3.3 Common vision…………………………………………………….. 34 2.1.3.4 Recognition within global economy……………………………… 34 2.1.4 Strengths and weaknesses of BRICS countries……………….. 35 2.1.5 Major differences between BRICS countries…………………… 38 2.1.5.1 Economy……………………………………………………………. 38 2.1.5.2 Border tensions and political views……………………………… 39 2.1.5.3 Commodity prices…………………………………………………. 40 2.1.5.4 Income and wealth………………………………………………... 40 2.1.5.5 International trade…………………………………………………. 40 2.1.5.6 National security…………………………………………………… 41 2.1.5.7 Growth………………………………………………………………. 42 2.1.5.8 Competition………………………………………………………… 42 2.1.5.9 International organisation and communication…………………. 43 2.1.5.10 Solutions……………………………………………………………. 44 2.1.6 Challenges of BRICS……………………………………………… 44 2.1.6.1 Ownership of BRICS………………………………………………. 45 2.1.6.2 Policies……………………………………………………………… 45 2.1.6.3 Integration system………………………………………….……… 45 2.1.6.4 Financial crises…………………………………………………….. 45 2.1.6.5 Demographic profiles……………………………………………… 46 2.1.6.6 Inequality……………………………………………………………. 46 2.1.6.7 Trade and investment……………………………………………... 47 2.1.6.7.1 Economic growth strategies………………………………………. 48 2.1.6.7.2 Account deficits…………………………………………………….. 49 2.1.6.7.3 Trading relationships………………………………………………. 49 2.1.6.8 Infrastructure and industrial development………………………. 49 2.1.6.9 Agricultural
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