economic policy
ANC is trapped in a policy time warp
The party’s economic policy document was mildly progressive; its conference deliberations last weekend were not. Delegates took a step backwards on the economy, resuscitating controversial proposals that have no hope of stimulating growth
The ANC policy conference this weekend revealed just how far grassroots ANC members are from grasping the need for liberalising reforms to revitalise the economy. Instead, attendees retreated into ideologically rooted resolutions that haven’t been implemented because they are unworkable, unnecessary or simply unsupported by research.
Delegates resolved, for instance, that the ANC government should revisit measures to give effect to expropriation without compensation, strengthen state-owned companies (SOCs), fast-track the creation of a state bank (using the Postbank), explore the introduction of a wealth tax and nationalise the Reserve Bank...
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