SA may be leading the way towards a different sort of capitalism
Companies will hopefully think twice about share buybacks to create more financial value without caring two hoots about any other sort of value creation
The World Bank’s prediction that SA’s GDP could contract by as much as 8% in 2020 came just after the UN suggested Africa could lose up to half of all its jobs because of Covid-19. And then the World Trade Organisation really scared us, talking about global trade falling by as much as a third. Inevitably, the IMF weighed in with its own bit of well-researched woe, warning us last week that the world faced its steepest economic decline since the Great Depression. (https://webmail.timesmedia.co.za/owa/redir.aspx?REF=NS4iM29avt3q1ihFsx3XcIHSkVhvQJKlysFtWVlMlOHbuLOqquLXCAFodHRwczovL3d3dy5idXNpbmVzc2xpdmUuY28uemEvYmQvd29ybGQvMjAyMC0wNC0xNC1pbWYtd2FybnMtZ2xvYmFsLWVjb25vbXktdG8tc3VmZmVyLXN0ZWVwZXN0LWRlY2xpbmUtc2luY2UtZ3JlYXQtZGVwcmVzc2lvbi8.)
Things are going to get bad, and it will be a long time before they ever get better again. Across Sub-Saharan Africa, capitalism as we know it will almost certainly never be the same again. And in poor old unequal, stagnant, mismanaged SA, witho...