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BACHELOR OF BUSINESS ADMINISTRATION
Title: Economics II
ASSIGNMENT
Student Name: [Insert your name]
Student Number: [Insert your student number]
Professor Name: [Insert professor's name]
INTRODUCTION TO THE ASSIGNMENT
• This assignment consists of three questions.
• Please complete all of them.
• Good luck!
Due Date: [Insert due date]
|
Table
of Contents |
|
1.0
Introduction
.....................................................................................................
[Page No. 3] |
|
2.0
Question 1
.......................................................................................................
[Page No.4 ] |
|
Examine
the influence of globalisation and the significance of economic forums like
BRICS on the South African economy. Evaluate the opportunities and challenges
that arise for businesses operating within member countries. |
|
3.0
Question 2 .......................................................................................................
[Page No.10 ] |
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Analyse
how ethical business practices and corporate social responsibility
initiatives can contribute to long-term sustainable economic development.
Provide examples of how your workplace, or an organisation of your choice,
can successfully integrate ethics, CSI and CSR into its current business
model. Discuss the impact this will have on its financial performance and
reputation. |
|
4.0 Question
3
.......................................................................................................
[Page No.13 ] |
|
Critically
evaluate the current state of South Africa's labour market, considering
factors such as unemployment, skills shortages, wage inequality, and current
labour legislation. Analyse the economic impact of these labour market
dynamics on businesses operating within South Africa. Make use of this rubric
when providing your response: |
|
5.0
Conclusion .......................................................................................................
[Page No.16 ] |
|
6.0
References
......................................................................................................
[Page No.17 ] |
Introduction
South Africa's labour market is a complex ecosystem influenced by various
socio-economic factors, governmental policies, and corporate initiatives. In
recent years, the country has grappled with persistent challenges such
ASSIGNMENT QUESTIONS
QUESTION 1
(40 MARKS)
ANALYSIS | Kenneth Creamer: In a changing world, BRICS must remain
true to its mission
The global environment in which
BRICS operates is challenging. An important compass for BRICS in navigating
through these ever-changing waters is for the body to remain true to its
original mission and to work to transform the world economic order into one
that is fairer and more inclusive.
When I teach my students about
the powerful impact that economic growth can have in transforming people's
lives, and when I talk to them about the policy discipline that governments
need to adopt in order to achieve and sustain high rates of economic growth
over a long period, I inevitably include in my lectures reference to the role
of the great Chinese leader, Deng Xiaoping.
Deng's policies helped to
accelerate the rate of economic growth in China in the 1980s and 1990s to well
above the world and OECD growth rate average. This period of rapid economic
growth completely changed China and, in many ways, helped to create the world
as we know it today.
Deng is reminding us to be
pragmatic and to allow both the state and the market to play their respective
roles in advancing economic development. The state’s role is to articulate a
vision of inclusive development and provide effective governance, services and
infrastructure. The market's role is to develop and deploy new technological
applications and promote higher levels of efficiency in production and
exchange.
BRICS – Brazil, Russia, India,
China and South Africa – is a geopolitical grouping of countries working
together for their mutual benefit and with the aim of rebalancing economic and
political power in the world. Broadly speaking, BRICS countries are from the
Global South, with most BRICS countries having for some time been colonised or
dominated by Western countries as a result of past Western expansion and
colonisation.
BRICS countries represent about
3.2-billion people, over 40% of the world’s population. BRICS member countries
have several programmes for fostering international cooperation. A BRICS
Business Council was established in 2013 in order to promote economic
cooperation and deepen trade, investment and economic ties between the business
communities of the BRICS member states.
The New Development Bank (NDB),
also known as the BRICS Bank, was established to mobilise finance for
infrastructure investment in BRICS countries and other emerging market
countries. The NDB is headquartered in Shanghai and has a regional office in
Johannesburg.
Through its many initiatives,
BRICS seeks to reshape the world’s existing international financial
architecture and systems of trade and investment so as to strengthen the
economic performance of countries in the Global South. Since the first
high-level meetings of Brazil, Russia, India and China in 2006, its first
summit in 2009, and the inclusion of South Africa in 2010, BRICS has become an
important grouping in the global economy.
BRICS has also faced certain
inevitable challenges as the global environment has changed over the past two
decades or so. For example, there was a broad policy consensus as to the
benefits of global trade and globalisation at the time when China joined the
World Trade Organisation (WTO) in 2001. In more recent years, policies in
support of globalisation and global cooperation have been on the decline and
nationalism and narrower country-specific policy making has been on the rise –
some have described this as a process of "deglobalisation".
President Cyril Ramaphosa
recently explained South Africa’s strategic approach on this issue, as follows:
South Africa has… used its membership of… international forums like the G20 and
BRICS… to advance the views and interests of countries in Africa and the rest
of the Global South. Throughout, we have been firm on this point: South Africa
has not been, and will not be, drawn into a contest between global powers.
South Africa currently chairs BRICS, following China in 2022, and South Africa
is preparing to host the BRICS Summit in August this year. In the build-up to
the BRICS Summit, under the auspices of the South African BRICS Business
Council, there has been ongoing engagement with six business councils and
business chambers of other BRICS member states in order to explore economic
opportunities.
Through this process, a number of
working groups have been established focusing on such makers as knowledge
sharing in agricultural technologies, the boosting of fertiliser production,
plans for increased agricultural trade between BRICS countries, as well
cooperation on health care, vaccine development, and malaria control and
elimination. These are positive developments, and it will be important that the
upcoming BRICS Summit in August should build on these detailed and practical
economic engagements. Such engagements are the very building blocks through
which the vision of increased South-South cooperation will be attained.
It is through this kind of
detailed and practical work by business and government leaders that the system
of global finance, trade and investment will begin to be reconfigured, and a
fairer, more inclusive world achieved.
In as much as South Africa’s
participation in BRICS is about promoting South-South economic cooperation and
reshaping the global economic system, South Africa's entry into BRICS is
consistent with the country's commitment to opening trade and investment flows
with as many parts of the world as possible and is in line with the vision that
South Africa should serve as a gateway for trade and investment in other parts
of the African continent.
From time to time, there are
anti-dumping investigations by the South African authorities concerning goods
sourced from China, and not too long ago, the Chinese authorities temporarily
blocked the export of South African beef into China due to a local outbreak of
foot and mouth disease. These are the kind of normal trade disputes that should
be expected as trade between South Africa and China continues to grow. Such
issues, while very difficult for those involved, should pose no systemic risk
to South Africa and China's strategic relationship, particularly if such makers
are dealt with efficiently and fairly by the authorities in both countries.
As is well known, South Africa is
facing a major electricity crisis that is having a seriously negative impact on
the country's economic performance. This crisis is as a result of planning
failures over a number of years, including the poor management of the country’s
energy transition to new energy technologies.
It would be very useful, given
South Africa's current challenges, for the Chinese government and Chinese
businesses in South Africa to position themselves to play a role in helping the
country to overcome its electricity shortage.
Perhaps China or China working
together with the New Development Bank, could also consider mobilising
concessional finance and grants to assist South Africa's just energy
transition? Or perhaps Chinese capabilities could be used to help to strengthen
South Africa’s national electricity grid and extend the national grid into
areas with high solar and wind power potential, which is an urgent national
priority for South Africa.
The importation of solar panels
and bakeries into South Africa has increased dramatically in recent years. For
example, for the whole of 2022, South Africa imported USD345-million worth of
solar panels, and already in the first quarter of 2023, South Africa imported
USD200-million worth of solar panels.
·
Creamer, K. (May 22, 2023). In a changing world,
BRICS must remain true to its mission. News24. https://www.news24.com/news24/opinions/analysis/analysis-kenneth-creamer-in-a-changing-world-brics-must-remain-true-to-its-mission-20230522 (accessed 12 March 2024).
Question. Examine the influence of globalisation and the significance
of economic forums like BRICS on the South African economy. Evaluate the
opportunities and challenges that arise for businesses operating within member
countries.
Make use of this rubric when providing your response:
Answer: Introduction
The BRICS (Brazil, Russia, India, China, and South
Africa) is an intergovernmental organization that aims to
enhance economic growth and cooperation among its member states. Let’s delve
into the details:
- Origins and
Purpose:
- Originally, the
term BRIC was coined by Jim O’Neill, then-chairman of
Goldman Sachs Asset Management, to highlight investment opportunities in
these emerging economies.
- Over time, BRIC
QUESTION 2 (40 MARKS)
An open letter to corporate South Africa — why doing good is good for
business
It feels like we’re at
another pivotal moment in South Africa’s history. Our beloved country faces a
tonne of challenges, and we can no longer remain passive observers — or worse,
critics. The time for definitive action is now.
Corporate South Africa, that
means you. It’s time to roll up those sleeves and intervene where you can.
Doing good is no longer just a moral imperative — it’s also good for business.
In fact, I’d argue it’s become a survival strategy for any company wanting to
operate in our country.
The good news is that this
movement is already well under way.
You’re probably familiar with the
term “active citizenry”. It’s what we refer to when describing how individuals
and corporate entities do their part for society. The amazing thing is we’re
seeing more and more examples of this, as individuals and organisations make a
positive impact in their communities and within the corporate realm.
Take the issue of traffic jams
caused by load shedding. In the last few months in Johannesburg, companies like
Investec and Standard Bank have taken matters into their own hands, ensuring
that traffic lights continue to function in Sandton and Rosebank during power
outages. Likewise, Discovery and Dialdirect, industry rivals, joined forces to
tackle the scourge of potholes on our roads. These examples showcase how
companies are stepping up to make a tangible difference in the lives of South
Africans.
Even more encouraging is the news
that 115 CEOs from South Africa’s largest companies have pledged their skills
to assist the government in alleviating the country’s crises. This agreement
includes leaders from FNB, Anglo American, Woolworths and Vodacom. They have
committed to working together to address concerns around energy, transport and
logistics, crime and corruption — areas critical to our economic recovery.
What inspires me about these
examples is that they reflect a profound transformation in our corporate
landscape. In the past, “doing good” was often just a box-ticking exercise that
fell under the mandate of corporate social responsibility (CSR).
Now we refer to corporate social
investment (CSI), which better describes how businesses are seeking to build
sustainability and long-term impact into their operations. Here is where I
believe another mindset shift is needed.
As businesses, it’s up to you to
define what constitutes a good investment. While I’m no financial adviser, I
want to make the case for a new indicator: return on kindness (ROK). When it
comes to an investment, a business is concerned with its bottom line. Back when
it was CSR, maybe this meant receiving a tax benefit. As the definition has
expanded to include less direct forms of return, let’s not underestimate the
value that comes from doing good.
By uplifting communities,
transferring skills, and investing in education, you’re not only cultivating
potential clients and employees, you’re also fostering goodwill. It might be
hard to measure, but in a country where such a quality is often in short
supply, it should not be underestimated.
I define ROK as shifting the
emphasis from financial returns to corporate social willingness, where kindness
and community-building are the ultimate return on investment.
“Okay, but we also have a
business to run,” I hear you say. Sure, and that’s the “bottom line” of ROK, it
doesn’t have to cost a lot. Small actions make a difference. They may seem like
drops in the ocean, but even a small contribution can lead to significant
change.
It’s about reminding ourselves
that we’re not alone and, as our Bokke champions recently reminded us, we
really are Stronger Together”.
·
Lindeque, B. (December 11, 2023). An open letter
to corporate South Africa — why doing good is good for business. Daily
Maverick. https://www.dailymaverick.co.za/opinionista/2023-12-11-an-open-letter-to-corporate-south-africa-why-doing-good-is-good-for-business/ (accessed 12 March 2024).
Question. Analyse how ethical business practices and corporate social
responsibility initiatives can contribute to long-term sustainable economic
development. Provide examples of how your workplace, or an organisation of your
choice, can successfully integrate ethics, CSI and CSR into its current
business model. Discuss the impact this will have on its financial performance
and reputation.
Make use of this rubric when providing your response:
Answer: 1. Understanding of
ethical business practices and corporate social responsibility (CSR):
Ethical business practices
involve conducting business in a manner that aligns with moral principles,
transparency, and accountability. Corporate social responsibility (CSR) extends
beyond legal obligations, encompassing voluntary actions by businesses to
address social, environmental, and economic concerns. This
QUESTION 3 (20 MARKS)
Ramaphosa delivered his 2024
State of the Nation Address (Sona) to the joint sitting of the National
Assembly and National Council of Provinces at the Cape Town City Hall on Thursday
evening.
Millions of young people aged 15
to 24 years across the country are currently not in employment, education or
training. While economic growth was essential to reduce unemployment, Ramaphosa
said they could not wait to provide the work that many of democracy’s children
needed.
Praising his government’s
efforts, the president said they launched the Presidential Employment Stimulus
(PES) three years ago to boost employment for the youth. “Through this
programme, we have created more than 1.7-million work and livelihood
opportunities.” He added that a job did not only provide an income, but he also
said it was fundamental to people’s sense of self-worth, dignity, hope, purpose
and inclusion.
Furthermore, Ramaphosa, with
confidence, said the number of South Africans in employment increased from
8-million in 1994 to over 16.7-million to date, stating that was three times
larger than it was 30 years ago. “Over the last two years, the number of jobs
being created has been increasing every quarter, and we now have more people in
employment than before the pandemic,” he said. This is despite the country’s
unemployment being the highest it has ever been.
He further highlighted that they
have laid a foundation for growth through far-reaching economic reforms, an
ambitious investment drive, and an infrastructure programme that was starting
to yield results. Ramaphosa said the government will work tirelessly to improve
the lives of the youth by providing jobs, training and support to start up
their businesses”
Moichela, K. (February 8, 2024).
SONA 2024: ‘Government has taken steps to address youth unemployment’ –
Ramaphosa. IOL. https://www.iol.co.za/news/politics/sona-2024-government-has-taken-steps-to-address-youth-unemployment-ramaphosa-d4fae6c7-e47c45c1-8e1e-fb303a1035a0
(accessed 12 March 2024)
Question. Critically evaluate the current state of South Africa's
labour market, considering factors such as unemployment, skills shortages, wage
inequality, and current labour legislation. Analyse the economic impact of
these labour market dynamics on businesses operating within South Africa. Make
use of this rubric when providing your response:
Answer: 1. Understanding of
labour market dynamics:
The current state of South
Africa's labour market is characterized by a multitude of challenges, including
high unemployment rates, skills shortages, wage inequality, and the influence
of labour legislation. These dynamics interact in complex ways, shaping the
opportunities and constraints faced by businesses operating within the country.
2.
Analysis of unemployment rate:
Conclusion
It is evident that addressing the
challenges within South Africa's labour market is crucial for achieving
long-term sustainable economic development.
In the first case study, President Ramaphosa highlighted the
government's initiatives to tackle youth unemployment through programs like the
Presidential Employment Stimulus (PES). While these efforts have created job
opportunities, the persistently high unemployment rates remain a significant
concern, particularly
References;
Dear students, get fully solved
assignments by professionals
Do send your query at :
or call us at : 08263069601
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assignments available with 100% surety and refund)
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