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The gap between the rhetoric and reality of Carter administration policy toward South Africa is criticized. We then analyze the major political- economic constraints on US policy, concluding with a section suggesting what type of political action will be necessary to move US policy in a progressive direc tion.

The World Bank raises most of its capital in the international bond market. For the divestment strategy outlined below to be really effective, it will require mass mobilisation in all the G‐7 countries to pressure large institutional investors not to buy or sell World Bank bonds.

The history of US policy in Southern Africa has been depressingly consistent. Because US government agencies and major corporations were so closely tied to the ruling white minorities of the region, it was only when majority forces rose up in armed rebellion and seized power that some members of the US elite were willing to accept the fait accompli of majority rule. But even then, there were powerful conservative forces that sought to "roll back" the advance of popular movements in countries like Angola and Mozambique. The Reagan administration sought to hold back the tide of leftist victories in southern Africa by giving Pretoria the international protection it needed to bring its neighbors to their knees.