INEQUALITY
EDNA MOLEWA: Radical transformation the only way to halt monopoly grip on economy
Two weeks ago SA’s richest man, Richemont chairman Johann Rupert, described the government’s agenda for radical economic transformation as "a code word for theft". It is regrettable that this scathing critique of the black-majority government came from a beneficiary of the largesse of the interventionist apartheid state. Rupert can thank what historian Dan O’Meara called "volkskapitalisme" for the stellar fortunes of his late father’s and his impressive empire. By means of volkskapitalisme, the racist Nationalist Party government leveraged state power and state assets such as state-owned banks to buoy Afrikaner businesses and turn them into the corporate behemoths of today. For him to now ring alarm bells at signs of state intervention in the economy in postapartheid SA is ironic. Rupert’s comments speak to a wider tendency by sectors of SA’s business community to ascribe all the modern ills facing the economy to chronic state "mismanagement", and not to stubborn and distorted patte...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.