For this reason, history and public opinion have reflected poorly on Volcker’s predecessors.4 By contrast, Volcker is remembered as a dedicated public servant with a commitment to doing the right thing, even if it was unpopular.5 Listening to Powell, as a South African I was impressed by the engagement with history as well as the determination to act on the lessons of historical experience.
Of course, South Africa’s history is different. But as the saying goes, history doesn’t repeat itself, but it often rhymes. Our history too has a theme of macroeconomic failure, followed by difficult and ultimately successful reforms that built the foundation for a long boom, followed by decay and the return of the old challenges.