Publications

The end of apartheid in South Africa was marked by a series of profound political changes and reforms, culminating in the democratic multi-racial election of 1994. Enforced from 1948 to 1991, apartheid was a system of racial segregation that severely disadvantaged the non-white majority. Increasing internal conflict and international sanctions in the 1960s and 1980s put immense pressure on the apartheid government. Significantly, groups of white business leaders played a crucial role in facilitating the transition. They recognized that South Africa faced a critical juncture: continue under minority rule leading to potential revolution and economic isolation, or transition toward democracy with potential economic growth. This awareness led them to support changes that would avoid the dire economic consequences of continued apartheid. F.W. de Klerk's presidency in 1989 marked a pivotal turning point, as he broke with the National Party's tradition by advocating for a nonracist South Africa. Under his leadership, apartheid laws were dismantled, the African National Congress (ANC) was unbanned, and Nelson Mandela was freed after 27 years in prison.

Examining the role of business in South Africa's historic transition leads important questions about the role the business can play in politically volatile situations.  What factors led business leaders in South Africa to push the country's future away from isolation and missed opportunities toward to a "high road" of participating in an increasingly globalized economy? How effective were they? And, if business leadership played an important role in the events in South Africa, could they take a similar role elsewhere?   

During the Tang dynasty (618-907), people from multiple countries encountered each other in the different oases along the Silk Road. Even though they did not speak the same language, and their homelands had different legal traditions, they sometimes did business together and recorded the terms of their agreements. As a result, surviving contracts shed considerable light on international finance in this early period.