LETTER: What is the economy?
Equating the private sector with the entire economy is wrong
29 June 2020 - 15:15
President Cyril Ramaphosa has again saddled up his white horse, stating that “the economy is in the hands of white males”. A variant of this that is often heard is that “wealth” is in the hands of ... and so on. However, unless we confront two errors the debate is stillborn.
The first is that it is seldom appreciated that the state (education, health, social security, transport, power & water infrastructure and government) and the state-owned entities (SOEs) are themselves part of the economy, comprising about 40%. Equating the private sector with the entire economy is simply wrong...
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