At the intersection where economics meets economic policy we traditionally speak of prices, cyclical or countercyclical policies, business cycles and so forth. While South Africans may have become inured to state capture, the concept of capture and its attendant methods are highly nuanced. There are, however, several forms of capture that can, and indeed do, influence policies, that we have to discuss.

Institutional capture as part of the larger process of state capture has been attempted at the National Treasury (with Des van Rooyen and Malusi Gigaba). Nevertheless, the Treasury has remained relatively free from institutional capture by rent-seeking miscreants and malcontents. It, and the SA Reserve Bank, have stuck to their mandates and, whether you like it and agree with it or not, the country’s finances have been handled prudently...

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