White monopoly capital is ‘a convenient fabrication’
Radical economic transformation means ‘handicapping whites’ and could hurt South Africa’s growth prospects, says Investec economic adviser Brian Kantor
The idea of radical economic transformation means "handicapping whites" and could hurt South Africa’s growth prospects, says Brian Kantor, Investec economic adviser and former University of Cape Town (UCT) professor. Kantor, who was speaking at a post budget breakfast organised by the UCT Graduate School of Business (GSB) on Tuesday, said that the white monopoly capital narrative increasingly being used in political discourse is a "convenient fabrication" by those who seek political mileage. "It’s a convenient fabrication ... it’s so convenient that the PIC [Public Investment Corporation], which is the largest shareholder in South Africa is excluded from any measure of ownership. The PIC services government employees and has powerful influence in the shareholder registers," said Kantor. He said there is no such thing as a "white business". "There are no white businesses … it’s nonsense, what is a business? It’s the owners, it’s the managers, it’s the workers and most of all it’s the...
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