The role of “white monopoly capital” in post-apartheid South Africa has been in the news lately. In the South African context, it can be understood as the white population’s extensive control over the country’s economy. The debate reflects a recanting view against the rainbow nation dream sold when the country gained political freedom 22 years ago. The idea is that white monopoly capital is the source of the problem of multiple failures of the South African political economy. The response has been a rising chorus of white monopoly capitalism deniers who argue that the governing ANC is using the concept as a shield against criticism. Instead of addressing its failings such as a faltering economy, widening inequality, unemployment, corruption and incompetence, the argument goes, the ANC is deflecting attention for the country’s difficulties by blaming white monopoly capital. Some in this camp add that South Africa has recorded significant progress in redistributing the country’s wealt...
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