PETER BRUCE: A lifeboat for the revolutionaries
Yes, our economy is dysfunctional, and yes, it needs fixing. But no amount of ‘targeted interventions’ will work without the private sector
This column caused quite the stir last week despite it being basically an attempt to help warn left-wing economists that they might be about to further the aims of state capture, as espoused by Ace Magashule, by continuing to argue for an expanded Reserve Bank mandate and a massive spending spree by the state with little regard for the inflationary effects.
I wrote it after watching Neil Coleman, co-director of the Institute for Economic Justice (IEJ), on television having Magashule’s statement after an ANC national executive committee (NEC) meeting read to him in a live interview with Vuyo Mvoko on eNCA; I was frightened at how enthusiastic he was about what Magashule was proposing. Because, as it turned out, Magashule had made a lot of the stuff about the Bank up, and it hadn’t been agreed at the NEC meeting. He had added it to the official statement and I assumed, in my innocence, that Coleman didn’t know...