A convenient bogey
ALLAN GREENBLO: Idea of white monopoly capital an opportunistic distraction
SA isn’t being spared ‘alternative facts’. Take a look at one, origin unknown, that confuses and polarises.
“White monopoly capital” — so commonly used in the lexicon these days that it’s known by the WMC acronym — is as dated as the gramophone. A figment of social media parlance, its existence feeds on a conspiracy theory hatched to deceive. Because the modern-day owners of capital are predominantly collective investment vehicles, notably pension funds, WMC is fake in concept and content. Sure, there are white guys at the head of large corporations who meet with government ministers in attempts to influence policy, as is their right and also their responsibility. That they happen to be white and where they are are incidental to the their corporations’ B-B BEE compliance and initiatives. And sure, there are weighty black guys doing exactly the same. Where they aren’t joined by whites in common cause as in the “Save SA” campaign, they carry impact for lobbies that suit agendas within the governing party. It’s a stretch to conclude that skin colour is the differentiator between narrow and n...
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