File Name: economic consequences of the discovery of gold and diamond in south africa .zip
Mining in South Africa was once the main driving force  behind the history and development of Africa 's most advanced and richest economy. Diamond and gold production are now well down from their peaks, though South Africa is still number 5 in gold  but remains a cornucopia of mineral riches. It is the world's largest producer  of chrome , manganese , platinum , vanadium and vermiculite.
This chapter will examine the various causes of the mineral revolution and how it impacted on societies in southern Africa. The influences include the following:. Because these causes are different, they tend to exhibit both connectedness and disjointedness. Both of these features in turn result in a single and common visible outcome - the shaping of the history of South Africa with all its twists and turns. Against this background it should be understandable why and how the discovery of minerals - unique in its own historical context - was an important turning point in the history of South Africa. The reasons were various. It brought world attention to the country, and thus made South Africa a subject and a player of international history.
Capital and Colonialism pp Cite as. In this chapter, we study the return on investment in the companies operating in the area of current-day South Africa. The equity traded on the London Stock Exchange for companies operating in this region was primarily related to mining—diamond, gold and copper but indirectly also through railways and utilities. The mining elite became influential politically, actively shaping the institutions of South Africa—and potentially also the geography of the British Empire. The aim of this chapter is to put our estimates for the return on investment in South Africa into proper historical context, and for that purpose, we draw heavily on previous research in the field. We also contribute with new estimates of the return on investment in South Africa over the century from to , for a number of important companies as well as for different portfolios of investments. Skip to main content.
Second, jewelry, among the most profitable segments of the industry, is a non-essential luxury, and discovery of diamonds in Kimberlite pipes in South Africa in changed diamond min- disease's social and economic consequences.
The Mineral Revolution is a term used by historians to refer to the rapid industrialisation and economic changes which occurred in South Africa from the s onwards. The Mineral Revolution was largely driven by the need to create a permanent workforce to work in the mining industry , and saw South Africa transformed from a patchwork of agrarian states to a unified, industrial nation. In political terms, the Mineral Revolution had a significant impact on diplomacy and military affairs.
South Africa experienced a transformation between , when the diamond rush to Kimberley began, and , when the South African War ended. As the predominantly agrarian societies of European South Africa began to urbanize and industrialize, the region evolved into a major supplier of precious minerals to the world economy; gold especially was urgently needed to back national currencies and ensure the continued flow of expanding international trade.
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