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Imagine that SA’s economy was, right now, miraculously experiencing 5% growth. Well, actually, don’t imagine that. If you did, you would then also be forced to imagine an SA in perpetual darkness.

The recent load-shedding by Eskom reminds us, once again, of the triumph of state capture at this pivotal enterprise and the price of that capture: Eskom cannot provide summer electricity to an economy that has already ground to a halt. If the factories started cranking up, the shopping malls began to operate longer hours, the trains began to run and the mines began to operate, we would have a disaster on our hands. Eskom would keel over. It can’t provide power to a zero-growth economy. No amount of optimism can make it provide power to a 5%-growth economy...

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