If the National Treasury had a rand for every time someone described SA as a failed state, Eskom wouldn’t have any debt headaches. It’s a phrase thrown around a lot, mostly by those seeking to jolt apathetic policymakers out of their slumber, or who’ve had the immense misfortune of having to interact with any of the creations of Fikile Mbalula’s department, such as the inoperable eNatis licence system.

Usually, it’s an exaggeration; compared with, say, Venezuela, North Korea or Eritrea, SA’s government can still raise taxes, is largely seen as legitimate (even if this is waning), and can protect its borders...

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