Picture: 123RF/COWARD_LION
Picture: 123RF/COWARD_LION

Lumkile Mondi laments that “SA capitalism fails to transform itself into an inclusive dynamic system of accumulation” and that “elite capital forgets its place in the broader society” (“Mutual benefit and elite capitalism’s failure”, September 12).

While he is correct that capital produced by enterprise is a vital ingredient to growth and thereby benefits the “broader society”, that is the less fortunate or less enterprising, he appears to make a case for a kind of mandatory responsibility rather than the realistic, synergistical outcome of a free market in which capital accumulation can thrive.

It is precisely that “inclusive” ideological wish that has caused the failure of BEE, which he correctly describes as “race-based policy”, “sugar coating an exclusive system of accumulation”.

May I suggest that what we need is more determined and courageous people wanting to become elites by their own efforts, and less of the mandatory inclusivity that always creeps into the conversation. Unless capital accumulation is thwarted by corruption, entitlement and government interference, it will of itself benefit the entire economy both directly and indirectly.

Gavin Barnett
Somerset West

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