LETTER: Sold down the river
Economic nationalism is a logical response to the philosophy of major SA corporations to move their domicile offshore in the 1990s
Sifiso Skenjana’s proposal that SA adopt a policy of economic nationalism is a logical response to the failure of the neoliberal philosophy based on the Washington Consensus, which allowed major SA corporations to move their domicile offshore in the 1990s and the takeover of SA companies by foreign owners (Economic nationalism is a positive way forward, April 10). Expecting Gencor (which listed in London as Billiton) and Anglo American to continue to invest in SA when they were in a position to cherry-pick their investments in the whole wide world was incredibly naive, and it beggars belief that these and other companies that were allowed to move offshore were not required to make a public commitment to future investments in SA. The obvious question is: who benefited from these overseas listings? Certainly the CEOs who moved to greener pastures and became fabulously rich strutting their stuff on the world stage, but what benefits did the overseas listings bring to SA? The loss of An...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.