A letter from South Africa: What the world can learn from its economic decline
John Rapley is a political economist at the University of Cambridge and managing director of Seaford Macro.
Everyone would get the vote, but the fundamental structure of the economy – one dominated by a tiny elite – would be left essentially untouched. Jan Smuts Airport was then a small, provincial place staffed by white immigration officers. Many whites clung to a regime that reserved such privileges and power to them, and some were even prepared to fight for it.
fizzled out. The sense of attendant relief then gave way to outright euphoria when, on the day Mr. Mandela took the salute from the same air force that had once hunted him down, the new president swore his oath of office. Life in the townships remained anything but easy. But when you walked their streets and observed the houses and transmission poles sprouting up, when you saw police officers on the beat and felt safe going out at night, you could feel change coming.
That’s when the wheels fully came off the South African bus. Whatever ideals lay behind RET, it attracted an unsavoury mix of opportunists, not least a family named the Guptas who grew enormously wealthy off state contracts. BEE became a byword for corruption as Gupta allies got contracts in return for kickbacks to the Zuma family, then funnelled the money into offshore accounts or luxury cars, not bothering to actually deliver the contracts.
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