RADICAL ECONOMIC TRANSFORMATION
A glimpse of what SA might look like if policy goons prevail
Cuba is a cautionary tale of the visceral effects of radical economic transformation
While there is contestation of what exactly "radical economic transformation" means, it is safe to assume that it could include a state-driven economic policy that involves the expropriation of land without compensation — and one day even businesses — for the purpose of redistribution to the poor. Excited to see what radical economic transformation might look like in real life, I went on a one-week visit to Cuba, which went through its version of radical economic transformation following the 1959 revolution. Fearing retribution after the revolution, close to 600,000 middle and upper-class Cubans fled the country (primarily to Florida), leaving their property and businesses in the care of relatives who stayed. Many of the exiles believed that the revolution was a passing phase and life would soon return to normal. The newly established ministry for the recovery of misappropriated assets nationalised private local-and foreign-owned businesses, confiscating upwards of $25bn in private ...