critical perspectives on Southern Africa EDITORS: Bill Freund, Gerhard Mare", Mike Morris, Vishnu Padayachee (University of Natal), John Daniel (University of Durban-Westville) CORRESPONDING EDITORS: Colin Bundy (University of the Western Cape), Stephen Gelb, Shireen Hassim (University of Durban-Westville), Peter Hudson, Debbie Posel (University of the Witwatersrand), David Kaplan, Dave Lewis, Mary Simons (University of Cape Town), Francie Lund, Nic Amin (University of Natal), Mala Singh (CSD). INTERNATIONAL ASSOCIATE EDITORS: Henry Bernstein (SOAS, University of London), Gillian Hart (University of California), Mahmood Mamdani (Centre of Basic Research, Kampala), Martrin Murray (SUNY Binghamton), Dan O'Meara (University de Quebec a Montreal), Terence Ranger (University of Oxford), John Saul (York University), Elling N Tjanneland (Christian Michelsen Institute, Norway), Gavin Williams (University of Oxford). LAYOUT: Rob Evans PUBLICATION GUDDELINES: We ask contributors to submit two (2) typed copies, following the format (on such issues as references and notes) of articles in this issue of TRANSFORMATION. Whilst the journal will cater for work at any level of abstraction, or detail, a number of criteria will guide the editors in section of material for inclusion. Articles should aim for academic rigour but also clarify the political implications of the issues discussed. We are concerned not to compete with other South African journals that may cover related ground but in different ways - this will govern our selection principles. All articles will be assessed anonymously by the referees. Contributions should preferably not exceed the following lengths: Analytical articles: 7 000 words Debates and review articles: 3 000 words The views expressed in TRANSFORMATION do not necessarily reflect those of the editors. EDITORIAL AND CONTRD3UTIONS ADDRESS: TRANSFORMATION c/o Economic History Department University of Natal Private Bag X10, Dalbridge 4014 Durban South Africa Email: transfor@mtb.und.ac.za SUBSCRIPTIONS RATES AND ADDRESS AT THE BACK OF THIS ISSUE. ISSN: 0258 - 7696 32 1997 TRANS < > FORM ATION CONTENTS Articles SOUTH AFRICAN REGIONAL INDUSTRIAL DEVELOPMENT POLICY: CRITICAL ISSUES TREVOR BELL reopens the debate from the 1970s and 1980s about regional industrial development. Apartheid policies targeted bantustans and their environs for privileged economic development, policies which were frequently attacked as uneconomic and damaging to the national interest. By contrast, this article defends regional industrial promotion as beneficial and effectively calls for its restoration under somewhat new premises. INDUSTRIAL DECENTRALISATION REVISITED 31 GILLIAN HART AND ALISON TODES are also involved in a reconsideration of industrial decentralisation policies. They argue that, if one is actually looking at events on the ground in the case of the KwaZulu Natal town of Newcastle, neither apartheid distortions nor the relocation imperatives of globalisation are enough to explain what happens. The social context, gender, the ambitions of Taiwanese businessmen, are all part of the picture. MONETARY POLICY WITHIN MACROECONOMIC POLICY: 54 AN APPRAISAL IN THE CONTEXT OF RECONSTRUCTION AND DEVELOPMENT Increasing industrial capacity is the only way forward for the South African economy if the country wants to achieve expansion of employment and a high growth rate. SIMON ROBERTS argues that present policy, which instead emphasises tight money controls and inflation reduction continues the patterns of the old regime and is inappropriate for South Africa's circumstances. Commentary INDUSTRIAL RESPONSE TO GLOBALISATION WITHIN A 79 MEDIUM-SIZED TOWN: A FOCUS ON THE CLOTHING MANUFACTURING SECTOR IN PORT SHEPSTONE But what actually happens on the ground? KAREN HARRISON explores the case of the clothing industry in a small town on the KwaZulu Natal coast over the past several years. Here, a generally declining industry has expanded to some extent without dependence on state incentives. Review CRITIQUES OF THE ECONOMY 102 GUYSTANDING etal's Restructuring the Labour Market andJEREMY BASKIN's Against the Current is reviewed by BILL FREUND.