How to normalise SA’s economy without feeding rent-seeking parasites
There are dangers inherent in the shift from ‘inclusive growth’ to ‘radical economic transformation’, with the latter being too static
The rationale given by President Jacob Zuma for his recent Cabinet reshuffle is to improve the efficiency and effectiveness of the government in furthering the agenda of "rapid economic transformation" that has dominated his public pronouncements in recent months. At a stroke of the pen, the rhetoric coming from National Treasury, in particular, has changed from promoting inclusive economic growth to radical economic transformation. Although the two ideas may share similar ultimate goals, they differ in terms of methodology and envisaged time frames. The first takes a dynamic approach, emphasising growth as a vehicle for transformation, while the latter is essentially static in nature, focusing on reconfiguring what already exists. As set out in the state of the nation address at the opening of Parliament in February, radical economic transformation means "fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy". A ...
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