Economy sound

2008-10-02 00:00

With the United States facing an exceedingly grave financial crisis and with a number of prominent banks in Britain and Europe against the wall, it is reassuring that the South African economy remains essentially stable. The Johannesburg Stock Exchange experienced on Monday what one commentator called "a violent day", indicating how quickly one part of the global economy can impact on another, but a trading resurgence occurred the following day.

This model is by no means perfect and has enabled the huge enrichment of a few while failing to respond adequately to the abject poverty of many. On the other hand, it has begun to assist significantlyin the creation of jobs and has helped to develop the healthy ballast of a well-endowed middle class.

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