For far too many years, management of the SA economy has been bedevilled by ideological debates that belong in the past century. It’s been a dogmatic approach, where the leaders in the governing ANC have lived in a world they want and not one shaped by the reality that capital has many homes.

When the Covid-19 pandemic emerged as the economic threat of our lifetime, I wondered just how well these arguments of an analogue age would play out as the party decided on the best response. Initially it was worrying as we witnessed the ANC, with its alliance partners, put out a rambling statement that the state should not in any way seek assistance from international lending institutions such as the Washington-based IMF or World Bank. Their demands were based on fears that the Treasury would lose control of its spending and, in turn, the country would lose its sovereignty as these institutions dictate how these loans are spent.

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