For example, one study found that, of the $ billion in net welfare costs induced by the Multi-Fiber Agreement, which restricts textile and apparel imports, about $ billion accrued to those foreign producers who were allotted shares of the import quotas.27 Surely, many Americans would cease to support certain types of import protections if they knew that such actions were serving to prop up the profits of foreign producers.
Together with the major social and political reforms of the past few years, we also had to contend with some important restructuring of the financial system. Firstly, the South African financial sector, not unlike other countries on the African continent, had to adapt to the changes in the socio-political environment.