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02 January 2025
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Story Edzani Nephalela
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Photo Lethabo Machabaphala
From the left are, Prof John Klaasen, Dean of the Faculty of Theology and Religion; Prof Vasu Reddy, Deputy Vice-Chancellor: Research and Internationalisation at the UFS; Prof Anthea Rhoda, acting Vice-Chancellor and Principal of the UFS; Prof Allan Boesak; Prof Nico Koopman, Deputy Vice-Chancellor: Social Impact, Transformation and Personnel at Stellenbosch University; and Dr Eugene Fortein, Senior Lecturer: Historical and Constructive Theology at Prof Boesak’s book launch.
In a world increasingly defined by the stark contrasts of power and vulnerability, the concept of democracy often reveals itself as a double-edged sword. For the children of struggle – those who have grown up amid the chaos of inequality and conflict – democracy can feel like a distant promise, an ideal often outmanned by the realities they face. The deception of hope lingers in the air as aspirations clash with systemic barriers, leaving many to navigate a landscape where a harsh daily existence obscures the principles of freedom and justice. This exploration seeks to uncover the intricate dynamics between hope and disillusionment, shedding light on the lived experiences of those who yearn for a brighter future yet grapple with the weight of unfulfilled promises.
This was the essence of the public lecture titled Outmanned by Democracy: Children of Struggle, Deception, and Hope, presented by Prof Allan Boesak, a theologian and political activist, on the Bloemfontein Campus.
Prof Boesak confronted the continuous socio-economic challenges faced by South Africa and other nations, including racism, narrow ethnic nationalism, and the revival of tribalism. He emphasised the role of churches in tackling these issues. “The responsibility of churches is to articulate what politicians are often afraid to say,” he stated. “Put your ideologies into practice and leverage your power as ministers of the Word to shape the future and reclaim the dignity of your people. This is where unity transcends colour and stature. Consider the various roles that churches could play in reconciling communities, as seen in the Gaza crisis.”
During his visit to the UFS Faculty of Theology and Religion, Prof Boesak also launched a four-volume set titled The Fire, The River and the Scorched Earth: Fifty Years of Black Theology Through the Lens of Allan Boesak. The first three volumes include his lectures and responses from various theologians, while the fourth contains his sermons. This body of work aims to document, critique, and celebrate the contributions of black theology, highlighting its role in the struggle for justice and liberation and underscoring Prof Boesak’s unwavering commitment to freedom, liberation, and democracy.
In a time when hope and disillusionment coexist, Prof Boesak’s insights remind us of the transformative power of faith and activism in the continuing fight for a more equitable world
Inaugural lecture: Prof. Phillipe Burger
2007-11-26
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Attending the lecture were, from the left: Prof. Tienie Crous (Dean of the Faculty of Economic and Management Sciences at the UFS), Prof. Phillipe Burger (Departmental Chairperson of the Department of Economics at the UFS), and Prof. Frederick Fourie (Rector and Vice-Chancellor of the UFS).
Photo: Stephen Collet
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A summary of an inaugural lecture presented by Prof. Phillipe Burger on the topic: “The ups and downs of the South African Economy: Rough seas or smooth sailing?”
South African business cycle shows reduction in volatility
Better monetary policy and improvements in the financial sector that place less liquidity constraints on individuals is one of the main reasons for the reduction in the volatility of the South African economy. The improvement in access to the financial sector also enables individuals to manage their debt better.
These are some of the findings in an analysis on the volatility of the South African business cycle done by Prof. Philippe Burger, Departmental Chairperson of the University of the Free State’s (UFS) Department of Economics.
Prof. Burger delivered his inaugural lecture last night (22 November 2007) on the Main Campus in Bloemfontein on the topic “The ups and downs of the South African Economy: Rough seas or smooth sailing?”
In his lecture, Prof. Burger emphasised a few key aspects of the South African business cycle and indicated how it changed during the periods 1960-1976, 1976-1994 en 1994-2006.
With the Gross Domestic Product (GDP) as an indicator of the business cycle, the analysis identified the variables that showed the highest correlation with the GDP. During the periods 1976-1994 and 1994-2006, these included durable consumption, manufacturing investment, private sector investment, as well as investment in machinery and non-residential buildings. Other variables that also show a high correlation with the GDP are imports, non-durable consumption, investment in the financial services sector, investment by general government, as well as investment in residential buildings.
Prof. Burger’s analysis also shows that changes in durable consumption, investment in the manufacturing sector, investment in the private sector, as well as investment in non-residential buildings preceded changes in the GDP. If changes in a variable such as durable consumption precede changes in the GDP, it is an indication that durable consumption is one of the drivers of the business cycle. The up or down swing of durable consumption may, in other words, just as well contribute to an up or down swing in the business cycle.
A surprising finding of the analysis is the particularly strong role durable consumption has played in the business cycle since 1994. This finding is especially surprising due to the fact that durable consumption only constitutes about 12% of the total household consumption.
A further surprising finding is the particularly small role exports have been playing since 1960 as a driver of the business cycle. In South Africa it is still generally accepted that exports are one of the most important drivers of the business cycle. It is generally accepted that, should the business cycles of South Africa’s most important trade partners show an upward phase; these partners will purchase more from South Africa. This increase in exports will contribute to the South African economy moving upward. Prof. Burger’s analyses shows, however, that exports have generally never fulfil this role.
Over and above the identification of the drivers of the South African business cycle, Prof. Burger’s analysis also investigated the volatility of the business cycle.
When the periods 1976-1994 and 1994-2006 are compared, the analysis shows that the volatility of the business cycle has reduced since 1994 with more than half. The reduction in volatility can be traced to the reduction in the volatility of household consumption (especially durables and services), as well as a reduction in the volatility of investment in machinery, non-residential buildings and transport equipment. The last three coincide with the general reduction in the volatility of investment in the manufacturing sector. Investment in sectors such as electricity and transport (not to be confused with investment in transport equipment by various sectors) which are strongly dominated by the government, did not contribute to the decrease in volatility.
In his analysis, Prof. Burger supplies reasons for the reduction in volatility. One of the explanations is the reduction in the shocks affecting the economy – especially in the South African context. Another explanation is the application of an improved monetary policy by the South African Reserve Bank since the mid 1990’s. A third explanation is the better access to liquidity and credit since the mid 1990’s, which enables the better management of household finance and the absorption of financial shocks.
A further reason which contributed to the reduction in volatility in countries such as the United States of America’s business cycle is better inventory management. While the volatility of inventory in South Africa has also reduced there is, according to Prof. Burger, little proof that better inventory management contributed to the reduction in volatility of the GDP.
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