DEBATES OVER THE SOUTH AFRICAN RESERVE BANK
There are remarkable similarities between the debates in the early days of the South African Reserve Bank in the 1920s and early 1930s and the debates about the Reserve Bank in the current era. Controversies over whether the Reserve Bank should be nationalised or private, independent, and from whom, whether it should have a single mandate (price stability) or a dual mandate (also full employment) raged at its birth and in the first fifteen years, as they do today. The debates, and the colourful people that they involved, will play out in three lectures, both as an intellectual drama worthy of academia, and as a human interest story worthy of a soap opera.
1. Two camps of monetary policy: ‘sound money’ versus ‘money for development’
2. Debates at the inception of the Reserve Bank
3. Debates on the Reserve Bank in the last thirty years