South Africa: Nation Needs a New Kind of Broad-Based Black Economic Empowerment

[SACSIS]Given the just-concluded Broad-Based Black Economic Empowerment (BBBEE ) Summit, it is a good time to take a critical look at this flag-bearer of government’s approach to post-apartheid racial and economic ‘transformation’.

GIBS Information Centre / GIBSIC‘s insight:

BBBEE  –  ” BBBEE must become a vehicle for strategic, non-capitalist and productive (social and economic) investment of capital. It is this kind of investment that can be truly transformative because it is aimed at changing the heart of existing patterns of ownership as well as control and management of capital itself. In simple terms the pursuit of a programme for catalysing the socialisation of capital – i.e., for creating a system of dual power.

Such an approach opens up the possibility for the ‘broad’ majority to fundamentally alter the way in which capital is produced (a productive/ownership challenge) as well as the way in which capital is circulated (a distributive challenge). As a favourite alter-capitalist globalisation activity slogan says – ‘this is what democracy looks like!”

The present BBBEE programme on the other hand, is predominately aimed at creating more black capitalists/industrialists,

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