,! ,/ATE1 ,ACCUMULATION & ,CLASS ,=MATION AFT] ,AP>!ID 

,PEOPLE 3 

,AU?OR 3 ,LUCI5 ,VAN ,D] ,WALT 

,TEXT 3 

,DEBATES 9 ! LABOR MOVEM5T & 9 ! SOCIALI/ LEFT MORE G5]ALLY T5D TO PAY RELATIVELY LITTLE ATT5TION TO ! NATURE ( ! /ATE AS A /RUCTURE1 & PO9T TO A FAIRLY VAGUE UND]/&+ ( ! ROLE ( ! /ATE 9 ! ECONOMY4 

,DEBATE ON ! /ATE AS A /RUCTURE T5DS TO FOCUS ON ISSUES LIKE P]SONALITIES1 POLICIES & P>TIES4 ,?IS DOES NOT PAY MU* ATT5TION TO ! L>G] SY/EM - ! /RUCTUR$ ORGANIZATION - ( ! /ATE 9 :I* !SE ?REE ELEM5TS OP]ATE4 ,?AT /RUCTURE EXI/S CONT9U\SLY DESPITE *ANGES 9 P]SONNEL1 POLICIES & POLITICIANS1 & %APES ALL ( !SE4 ,LOOK+ AT ! DEEP] NATURE ( ! /ATE REQUIRES LOOK+ BEYOND :AT IS MO/ OBVI\S4 

,DEBATE ON ! /ATE 9 ! ECONOMY T5DS TO C5T] ON ISSUES LIKE ! IMPACT ( CORRUPTION1 ! IMPACT ( 9EFFICI5CY & /ATE FAIL+S1 & ! IMPACT ( REGULATIONS & TAXES4 ,?IS DOES NOT PAY MU* ATT5TION TO ! /ATE ITSELF AS AN ECONOMIC =CE - AN [N]1 EMPLOY]1 CAPITALI/1 SITE ( ACCUMULATION & MAJOR SP5D] - & L5DS ITSELF TO ! SORT ( VIEW ?AT ! 0ECONOMY0 IS BASICALLY AB\T ! PRIVATE SECTOR1 ! PRIVATE FIRMS1 & %>ES ON ! ,JOHANNESBURG ,SECURITIES ,EX*ANGE 7,J,S,E74 ,AS AN EXAMPLE1 ! /ATE'S ,BLACK ,ECONOMIC ,EMP[]M5T 7,B,E,E7 SCOREC>DS = ! ECONOMY ?AT TALK AB\T BLACK [N]%IP1 MEASURE ! PRIVATE SECTOR & IGNORE ! /ATE4 

,IS 0,:ITE ,MONOPOLY ,CAPITAL0 7,W,M,C7 /ILL A USEFUL ,CONCEPT8 

,LABOR & LEFT DEBATES ON ! ECONOMY (T5 FOCUS ON ! ONGO+ P[] ( :AT IS CALL$ 0:ITE MONOPOLY CAPITAL03 ! L>GE1 AP>!ID-]A1 CAPITALI/ FIRMS ?AT W]E 9H]IT$ BY ! NEW ,S\? ,AFRICA4 

,REG>DLESS ( ! WAYS ?IS NOTION HAS BE5 OPPORTUNI/ICALLY US$ BY C]TA9 POLITICIANS1 !RE IS NO D\BT ?AT ,W,M,C EXI/$ 9 AP>!ID1 ?AT ! ,S\? ,AFRICAN ECONOMY HAS HI/ORICALLY HAD A 0MONOPOLY CAPITALI/0 /RUCTURE - DOM9ATION 9 EA* SECTOR BY A FEW HUGE FIRMS - & ,W,M,C HAS ALSO CONT9U$ TO PLAY AN IMPORTANT ROLE PO/-AP>!ID4 

,BY #a#i#h#g1 OV] #h#c4#a.0 ( ALL %>ES ON ! ,JOHANNESBURG ,/OCK ,EX*ANGE 7,J,S,E7 - N[ ! ,JOHANNESBURG ,SECURITIES ,EX*ANGE - W]E [N$ BY F\R GIANT COMPANIES1 ) ,ANGLO-,AM]ICAN 7DESPITE ! NAME1 A ,S\? ,AFRICAN COMPANY7 [N+ #f4#a.01 FOLL[$ BY ,SANLAM AT #a4#g.04.<#a.> ,) ! #a#i#iS TRANSITION1 ! 0,BIG ,F\R0 W]E NOT SUBJECT TO ANY P5ALTIES1 W]E L>GELY EXEMPT$ FROM ! ,TRU? & ,RECONCILIATION ,COMMISSION 7,T,R,C71 & B5EFIT$ MASSIVELY FROM PO/-AP>!ID ECONOMIC POLICIES & /ATE CONTRACTS 7= EXAMPLE1 CON/RUCTION 9 PREP>ATION = ! #ba ,WORLD ,CUP74 

,9 ALL P>TS ( ! PRIVATE SECTOR ( ! ECONOMY1 ! PATT]N ( A FEW GIANT COMPANIES P]SI/S4 ,ONE EFFECT IS P]SI/5T PRICE-FIX+ BY C>TELS - 9 SECTORS RANG+ FROM CONCRETE TO BREAD - EXPOS$ BY ! C\NTRY'S ,COMPETITION ,COMMISSION OV] REC5T YE>S4 ,!SE L>GE PRIVATE FIRMS - MA9LY ROOT$ 9 ! PRE-#a#i#i#d P]IOD1 HI/ORICALLY :ITE-[N$ & DOM9AT$1 ) A CORPORATE CULTURE M>K$ BY ! AP>!ID ]A - MI<T CORRECTLY /ILL BE T]M$ 0:ITE MONOPOLY CAPITAL0 OR ,W,M,C4 

,BEYOND ,W,M,C _?#a3 ! *ANG+ ,PRIVATE ,SECTOR 

,H[EV]1 IT IS IMPORTANT TO NOTE ?AT !RE >E SOME IMPORTANT DEVELOPM5TS ?AT REQUIRE US TO BE C>EFUL AB\T SIMPLY DESCRIB+ ! PO/-AP>!ID ECONOMY AS ONE BAS$ ON ,W,M,C4 

,! OLD ,W,M,C FIRMS HAVE RE/RUCTUR$ - USUALLY SLIMM+ !MSELVES D[N1 FOCUS+ ON FEW] >EAS & OP]AT+ MORE 9T]NATIONALLY - & !IR ROLE ON ! ,J,S,E HAS FALL5 %>PLY3 

,= EXAMPLE1 ! ,ANGLO-,AM]ICAN ( ! #a#i#hS1 AT ITS HEI<T1 CONTROLL$ KEY P>TS ( ! ECONOMY ACROSS A :ITE RANGE ( SECTORS1 SU* AS CONSUM] GOODS 7= EXAMPLE1 ,S,A BREW]IES71 RETAIL 7= EXAMPLE1 ,$G>S71 BANK+ 7= EXAMPLE1 ,F,N,B71 & MANUFACTUR+ 7= EXAMPLE1 ,AFRICAN ,/EEL74 

,TODAY1 ,ANGLO-,AM]ICAN IS BASICALLY 0A GLOBALLY DIV]SIFI$ M9+ BUS9ESS40 .<#b.> ,ANGLO-,AM]ICAN HAS SOLD MANY ( ITS HOLD+S 9 BANKS & RETAIL1 9 FAVOR ( A M9+ FOCUS1 & GLOBALIZ$ AGGRESSIVELY4 ,ANGLO MOV$ ITS MA9 %>E LI/+ FROM ! ,J,S,E TO ! ,LONDON ,/OCK ,EX*ANGE 9 #a#i#i#i4 ,ITS S+LE BIGGE/ CURR5T PROJECT IS 9 ,BRAZIL1 NOT ,S\? ,AFRICA4 ,IT IS CURR5TLY ONLY SEV5? ON ! ,J,S,E1 & CONTROLS LESS ?AN #a.0 ( %>ES1 COMP>$ TO ! OV] #e.0 ( ! #a#i#hS4 

,B,E,E HAS MEANT ?AT >\ND A QU>T] ( ,J,S,E-LI/$ COMPANY DIRECTOR%IPS >E HELD BY 0BLACK0 PEOPLE 7?IS 9CLUDES ,9DIAN1 ,*9ESE1 ,COLOR$1 BLACK ,AFRICAN71 & ! PROPORTION ( S5IOR MANAG]S 9 ! PRIVATE SECTOR :O >E BLACK /&S AT #c#b4#e.0 BY #b#a4.<#c.> ,OBVI\SLY ?IS IS DISPROPORTIONATE - IT MEANS :ITES1 & :ITE M5 P>TICUL>LY1 >E /ILL AT ! C5T]1 BUT ?IS IS /ILL A RADICAL DIFF]5CE ) #a#i#hS ,W,M,C :I* WAS #a.0 :ITE & #i#i.0 :ITE M54 

,BEYOND ,W,M,C _?#b3 0,D5ATIONALIZATION0 

,SECOND1 ! OP5+ ( ! ECONOMY HAS L$ TO A HO/ ( =EIGN FIRMS LI/+ ON ,J,S,E1 SO ?AT SOME ( ! BIGGE/ FIRMS ON ! ,J,S,E >E NO LONG] ,S\? ,AFRICAN-BAS$3 

,:ILE ,S\? ,AFRICAN COMPANIES CONTROLL$ #h#c4#a.0 ( ,J,S,E %>ES 9 #a#i#h#g1 BY #b#a#b1 =EIGN 9VE/ORS HELD #c#g.0 ( ALL %>ES1 & #d#c.0 ( 9DU/RIAL %>ES1 ON ! ,J,S,E .<#d.> 7?IS DOES 9CLUDE SOME ,S\? ,AFRICAN CAPITAL RE5T]+ VIA *ANNELS ELSE:]E1 BUT IS A MASSIVE *ANGE74 

,SO1 :ILE #a COMPANIES /ILL CONTROL #e.0 ( ,J,S,E CAPITALIZATION1 A SUB/ANTIAL P>T ( ?IS [N]%IP IS NOT TRADITIONAL ,W,M,C4 

,BEYOND ,W,M,C _?#c3 ! ,/ATE AS ,HE>T ( ! ,ECONOMY 

,?IRD1 ! /ATE APP>ATUS IS ITSELF A MASSIVE ECONOMIC =CE1 9 TOTAL BIGG] ?AN ! L>GE/ EXAMPLES ( ,W,M,C EV5 AT ITS HEI<T 9 ! #a#i#hS3 .<#e.> 

,EV5 9 ! #a#i#hS1 ! /ATE WAS ! BIGGE/ S+LE EMPLOY]1 L&[N]1 9COME E>N+ 9/ITUTION1 & BY ANY REASONABLE MEASURE1 ! DOM9ANT 0MONOPOLY CAPITAL0 9 ELECTRICITY1 RAIL1 ROADS1 =E/RY1 TELEVISION1 SECTORS ( BANK+1 HI<] $UCATION & ELSE:]E4 

,9 ! #a#i#hS1 IF WE 9CLUDE /ATE-[N$ FIRMS1 A DIFF]5T PICTURE ( ! ECONOMY EM]GES ?AN ?AT IF WE FOCUS JU/ ON PRIVATE FIRMS3 ?REE ( ! T5 L>GE/ FIRMS 9 ,S,A 9 #aigi W]E /ATE-[N$1 NAMELY ,S,>@&,H 7N[ ,TRANSNET1 AT NUMB] ONE71 ,E,S,K,O,M 7?IRD71 & ,I,S,C,O,R 7N9?74 ,IF WE COMB9$ ,ANGLO-,AM]ICAN ,CORPORATION & ,DE ,BE]S 7FIF? & EI<?7 - 9 FACT ! SAME FIRM - IT COMES \T JU/ SLI<TLY L>G] ?AN ,S,>@&,H4.<#f.> 

,EV5 ! #a#c.0 ( L& = BLACK ,AFRICANS 9 =M] HOMEL&S WAS EFFECTIVELY HELD BY ! /ATE 9 0TRU/10 & CONTROLL$ BY /ATE-PAID K+S & *IEFS 

,A FOCUS ON PRIVATE FIRMS - ( :I* ,W,M,C 9 ! =M ( ,ANGLO-,AM]ICAN & ,SANLAM & O!RS W]E KEY EXAMPLES -HIDES ?IS HUGE P>T ( ! PICTURE4 

,! #a#i#iS TRANSITION DID NOT REMOVE /ATE 0MONOPOLY CAPITAL0 NOR SIGNIFICANTLY ]ODE ! 5ORM\S /ATE PRES5CE 9 A WIDE RANGE ( SECTORS4 ,! #a#i#iS TRANSITION SAW ! /ATE REMA9 ! S+LE L>GE/ L&[N] 9 ! C\NTRY1 HOLD+ L& ?R\< /ATE CORPORATIONS1 MUNICIPALITIES1 GOV]NM5T DEP>TM5TS & ! HOMEL&S SY/EM 7) ! EXCEPTION ( \TSIDE ( ,ZULUL&1 :I* WAS TRANSF]R$ TO ! K+ ON ! EVE ( ! #aiid ELECTIONS74 

,! /ATE RECEIVES MORE 9COME FROM ,S\? ,AFRICA ?AN ANY O!R S+LE 9/ITUTION OP]AT+ 9 ! C\NTRY4 

,?IS MEANS ?AT TODAY1 A P[]FUL & WEAL?Y 7& MA9LY BLACK7 ELITE 9 ! /ATE SECTOR CONTROLS UP TO #c.0 ( ! ECONOMY ?R\< ! /ATE1 9CLUD+ /ATE BANKS 7E4G4 ! ,9DU/RIAL ,DEVELOPM5T ,CORPORATION1 ,L& ,BANK1 ,I?ALA ,BANK71 ASSET FUNDS 7LIKE ! ,PUBLIC ,9VE/M5T ,CORPORATION_/ ,P,I,C71 /ATE CORPORATIONS 7E4G4 ,E,S,K,O,M & ,S\? ,AFRICAN ,AIRWAYS_/,S,A,A71 /ATE FACILITIES 7E4G4 ! WAT] GRID & H>BORS71 MASS M$IA 7E4G4 ,S\? ,AFRICAN ,BROADCA/+ ,CORPORATION_/ ,S,A,B,C71 A WORLD-CLASS WEAPONS 9DU/RY 7E4G4 ,D5EL71 HI<-5D RESE>* 7E4G4 ! UNIV]SITIES71 PLUS A QU>T] ( ! L&1 9CLUD+ MORE ?AN HALF 7#e#e.07 ( ALL L& 9 ,GAUT5G & ! ,WE/]N ,CAPE4 

,!SE >E NOT M>G9AL ASSETS3 ,E,S,K,O,M WAS 79 #b#a#h7 ! F\R? L>GE/ S+LE ,AFRICA-BAS$ PR(IT-MAK+ CORPORATION BY TURNOV]1 & IS A /ATE-[N$ MULT9ATIONAL CORPORATION ACTIVE 9 #cd C\NTRIES4 ,IF WE COMB9E ! ,TRANSNET /RUCTURES LI/$ 9 ! ,TOP #e ,AFRICAN COMPANIES1 ,TRANSNET COMES 9 AT NUMB] T54.<#g.> 

,! /ATE-[N$ ,P,I,C IS ! L>GE/ ASSET MANAG] 9 ,AFRICA1 & [NS >\ND #a#b4#e.0 ( ! ,J,S,E - SPREAD OV] DIFF]5T COMPANIES1 & 9CLUD+ #c.0 ( ,LONM94 ,IF ,P,I,C 9VE/M5TS ON ! ,J,S,E W]E L$ 9 S+LE1 DI/9CT COMPANY RI<T N[1 IT W\LD BE ! F\R? L>GE/ FIRM ON ! ,J,S,E1 >\ND #b4#e TIMES L>G] ?AN ,ANGLO1 :I* IS SEV5?4.<#h.> 

,&1 AS NOT$ E>LI]1 BY #ba >\ND A QU>T] ( ,J,S,E-LI/$ COMPANY DIRECTOR%IPS W]E HELD BY 0BLACK0 PEOPLE & ! PROPORTION ( BLACK S5IOR MANAG]S 9 ! PRIVATE SECTOR AT A ?IRD4 ,?IS WAS DIRECTLY DUE TO P[] EX]T$ BY ! /ATE ON L>GE PRIVATE FIRMS TO MEET EMPLOYM5T EQUITY & O!R ,B,E,E T>GETS4 

,BEYOND ,W,M,C _?#d3 ! ,/ATE AS ,SITE ( ,ACCUMULATION 

,AS WRIT]S LIKE ,JON ,HYSLOP .<#i.> & ,%AWN ,HATT+H .<#a.> HAVE NOT$1 ! /ATE IS ITSELF A SITE ( 5RI*M5T4 ,?IS WAS TRUE UND] ! AP>!ID ,NATIONAL ,P>TY 7,N,P7 & IS TRUE TODAY1 PO/-AP>!ID1 UND] ! ,A,N,C4 

,HATT+H NOTES ! DANG] ( FOCUS+ SOLELY ON ,ZUMA1 & SEE+ ALL ( ! SC&ALS AS SIMPLY BE+ L9K$ TO HIS CLE>LY FLAW$ P]SONALITY1 AS ?IS MISSES ! PO9T ?AT /ATES >E US$ AS SITES ( ACCUMULATION & ?AT ! /ATE IS ALWAYS US$ = P]SONAL GA9 BY ! P[]FUL4 

,! REALITY1 H[EV]1 ( ! #aiid TRANSITION WAS ?AT !RE WAS NO BLACK CAPITALI/ CLASS ( ANY REAL P[] AT ! TIME2 ! MA9 P>TS 9 ! PRIVATE SECTOR W]E DOM9AT$ BY A SMALL ECONOMIC ELITE ( MAJOR COMPANIES1 I4E4 ,W,M,C4 ,?IS MADE IT EXTRAORD9>ILY DIFFICULT = A NEW CAPITALI/ LAY] TO MOVE 9TO ! CORE ( ! PRIVATE ECONOMY4 ,IT WAS ESS5TIALLY CAPTUR$ ALREADY BY A SMALL ELITE3 BE=E ! #a#i#dS1 MO/LY ,S\? ,AFRICAN 0,5GLI%0 & 0,JEWI%0 CAPITAL1 BUT BY #a#i#i1 ALSO 9CLUD+ A P[]FUL 0,AFRIKAN]0 CAPITAL4 

,MOREOV]1 :ITE CAPITALI/S W]E ASSUR$ ?AT !IR WEAL? W\LD NOT BE T\*$4 ,9 RETURN1 ! ,A,N,C WAS ALL[$ TO TAKE OV] ! /ATE4 ,9 O!R WORDS1 CAPITALISM WAS MA9TA9$1 9CLUD+ ! H>% EXPLOITATION ( ! BLACK WORK+ CLASS1 BUT ! FACES 9 ! /ATE *ANG$4 

,:AT ?IS MEANT WAS ?AT 0! /ATE BECAME ! KEY SITE ?R\< :I* AN ,A,N,C ELITE C\LD BUILD ITSELF 9TO A PROSP]\S BLACK SECTION ( ! RUL+ CLASS40 .<#a#a.> ,! ME?ODS US$ 9CLUDE3 

,L>GE SAL>IES & P]KS = TOP POSITIONS 9 ! EXECUTIVE1 P>LIAM5T1 GOV]NM5T DEP>TM5TS & 9 /ATE COMPANIES4 ,BY ONE E/IMATE1 IF ,ZUMA'S SAL>Y & P]KS SU* AS SECURITY1 VEHICLES & EXP5SES = HIS WIVES = ! FIR/ T]M ( HIS ,PRESID5CY W]E ADD$ TOGE!R1 ! CO/ W\LD COME TO OV] ,R#e MILLION4 ,9 FACT1 A REC5T SURVEY REVEAL$ ?AT ,JACOB ,ZUMA WAS ! F\R? HI<E/ PAID HEAD ( /ATE 9 ! WORLD1 SURPASS$ ONLY BY ,AM]ICA'S ,B>ACK ,OBAMA1 ,CANADA'S ,/EPH5 ,H>P] & ,G]MANY'S ,ANGELA ,M]KEL1 9 ?AT ORD] RESPECTIVELY4 

,AN EXTREMELY RAPID ,AFRICANIZATION ( ! MANAGEM5T ( ! /ATE COMPANIES3 M$IA T5DS TO FOCUS ON ?IS AS 0CADRE DEPLOYM5T0 - ! FACT ! APPO9TEES W]E (T5 P>TY LOYALI/S1 & 9 LAT] YE>S1 ,ZUMA LOYALI/S - BUT ?IS MISSES ! PO9T ?AT IT EFFECTIVELY PLAC$ A NEW BLACK ELITE 9 CONTROL ( SOME ( ! L>GE/ ,S\? ,AFRICAN FIRMS1 9CLUD+ CONTROL OV] CONTRACTS & T5D]S4 

,/ATE P[] PROVIDES ACCESS TO T5D]S1 ESPECIALLY KEY DEALS RELAT$ TO PUBLIC-PRIVATE P>TN]%IPS FO/]$ BY ,G,E,>1 BUT ALSO 9CLUD+ LONG-/&+ CONTRACTS ) ! PRIVATE SECTOR1 :I* HAVE LONG EXI/$1 9CLUD+ ! CONTRACTS = COAL ) ,E,S,K,O,M4 ,!RE >E T5S ( ?\S&S ( SU* CONTRACTS1 FROM ! MUNICIPAL LEVEL UP4 

,/ATE P[] ALSO 5ABLES ! /ATE TO PU% = ,B,E,E1 AFFIRMATIVE ACTION1 & EMP[]M5T *>T]S 9 ! PRIVATE SECTOR4 

,9 ORD] TO 9FLU5CE ! /ATE1 PRIVATE COMPANIES ALSO 5GAGE 9 APPO9TM5TS ( POLITICAL ALLIES TO KEY PRIVATE SECTOR POSITIONS - ,RAMAPHOSA IS A KEY EXAMPLE - & BLATANT BRIB]Y1 AS WE HAVE SE5 9 ! ,>MS ,DEAL - ) ,ZUMA A KEY EXAMPLE - AS WELL AS SPONSOR%IPS & GRANTS4 

,NOT A UNIQUELY ,S\? ,AFRICAN OR ,A,N,C OR ,AFRICAN ,PROCESS 

,NOTE ?AT1 AS ISSUES >\ND ! FUND+ ( ! ,D,A & ,E,F,F HAVE %[N1 & ,D,A & ,E,F,F MUNICIPALITIES HAVE %[N1 ?IS BY NO MEANS UNIQUE TO ,A,N,C4 

,SU* ME?ODS W]E HEAVILY US$ BY ! ,N,P AP>!ID /ATE1 9CLUD+3 

,MOV+ /ATE ACC\NTS TO ,VOLKSKAS 7N[ ,A,B,S,A71 :I* WAS !N A FAIRLY SMALL ,AFRIKAANS [N$ BANK4 

,CAPTURE ( ! /ATE COMPANIES1 9 A RAPID PROCESS ( ,AFRIKAN]IZATION4 

,REALLOCAT+ /ATE CONTRACTS - = EXAMPLE1 CONTRACTS = COAL SUPPLIES - TO ,AFRIKAN]-[N$ FIRMS LIKE ,GL5CORE1 A NEW M9+ FIRM [N$ BY ,S,A,N,L,A,M4 

,?IRD1 SU* ME?ODS >E NOT UNIQUE TO ,S\? ,AFRICA1 OR EV5 TO POOR C\NTRIES4 ,!Y >E C5TRAL TO 

,RUSSIA 79CLUD+ US$ BY ,PUT971 ,ITALY 7SOMETIMES 9CLUD+ ORGANIZ$ CRIME NETWORKS71 & EV5 ! ,U,S,A - (T5 AT ! CITY LEVEL1 ) MUNICIPAL CONTRACTS1 BUT ALSO AT ! NATIONAL LEVEL1 9CLUD+ SC&ALS >\ND ! ,CL9TONS 7,DEMOCRATS7 & ,DICK ,*5EY 7,REPUBLICAN74 

,BEYOND ,W,M,C _?#e3 ! ,RUL+ ,CLASS IS MORE ?AN ,CAPITALI/S 

,:AT ?IS MEANS IS ?AT ,S\? ,AFRICA IS CONTROLL$ BY A S+LE RUL+ CLASS1 DIVID$ 9TO TWO SECTORS3 

,A 7L>GELY :ITE7 PRIVATE SECTOR ELITE4 

,A 7L>GELY BLACK7 /ATE ELITE4 

,?IS CLASS IS UNIT$ AT BO? A DEEP /RUCTURAL LEVEL1 ?R\< COMMON 9T]E/S & 9T]DEP5D5CE1 & AT A MORE CONJUNCTURAL LEVEL1 BY CURR5T NEOLIB]AL PROGRAMS & ALLIANCES1 AMONG :I* NOTE CAN BE MADE ( ! ,GR[? ,EMPLOYM5T & ,R$I/RIBUTION 7,G,E,>7 /RATEGY ( #aiif OR ! FACT ?AT ALMO/ EV]Y S+LE ,CAB9ET M9I/] IS A %>EHOLD] 9 ONE OR MORE PRIVATE COMPANIES4 

,! /ATE1 ( C\RSE1 ALSO CONTROLS ! MEANS ( CO]CION & ADM9I/RATION4 ,?IS 9CLUDES ! MILIT>Y 7ONE ( ! FIVE L>GE/ 9 ,AFRICA71 ! POLICE1 & ! /ATE ADM9I/RATIVE MA*9]Y1 ) MORE ?AN A MILLION (FICIALS4 

,/&>D IMAGES ( ! PO/-AP>!ID ECONOMY P>TIALLY CAPTURE ! REALITY3 0BLACKS HAVE POLITICAL P[]0 7OR1 MORE ACCURATELY1 A BLACK ELITE HAS /ATE P[]71 & 0:ITES HAVE ECONOMIC P[]0 7OR1 MORE ACCURATELY1 A :ITE ELITE HAS PRIVATE CORPORATE P[]74 

,CRUDELY1 ?IS CAPTURES A SIMPLE TRU?3 A 7MA9LY BLACK7 POLITICAL ELITE1 ITS P[] C5T]$ ON ! PR$OM9ANT [N]%IP & CONTROL ( MEANS ( ADM9I/RATION 7E4G4 ! /ATE BUREAUCRACY7 & CO]CION 7E4G4 ! POLICE7 ?R\< ! /ATE1 IS ALLI$ TO A 7MA9LY :ITE7 ECONOMIC ELITE1 ITS P[] C5T]$ ON ! PR$OM9ANT [N]%IP & CONTROL ( MEANS ( PRODUCTION 7E4G4 ! M9ES7 ?R\< PRIVATE CORPORATIONS4 ,!SE TWO SECTORS COMPRISE1 TOGE!R1 ! ,S\? ,AFRICAN RUL+ CLASS1 =M+ ITS TWO W+S4 

,!IR ALLIANCE IS NOT HELD TOGE!R BY ! CORRUPTION ( A FEW PEOPLE1 OR BY 9CORRECT PROGRAMS1 NOT BY POOR /ATE LEAD]%IP1 & NOT EV5 BY ! ,A,N,C1 ALL ( :I* CAN BE *ANG$4 

,NATIONALIZATION3 ,SOLUTION OR ,ILLUSION8 

,! IDEA ?AT NATIONALIZATION IS1 9 ANY SIZE1 %APE OR =M1 SOCIALI/1 IS !RE=E QUITE DEBATABLE4 ,IS IT JU/ A MEANS ( %IFT+ RES\RCES BETWE5 ! W+S - ! PRIVATE & /ATE W+S - ( ! RUL+ CLASS1 NOT %IFT+ !M TO ! WORK+ CLASS8 ,IF SO1 /ATE [N]%IP IS NOT WORK+-CLASS [N]%IP4 

,ADVOCATES ( NATIONALIZATION %\LD PAUSE TO CONSID] ! EXI/+ MESS4 ,9 ! #b#a#c_/#a#d F9ANCIAL YE>1 ,S\? ,AFRICAN ,PO/ ,(FICE EXECUTIVES FAIL$ TO MEET MO/ PLANN$ T>GETS1 MISSP5T ,R#b4#a-BILLION ON T5D]S1 & /UMBL$ FROM CRISIS TO CRISIS2 :ILE ,PO/ ,(FICE WORK]S WAG$ A S]IES ( MASSIVE /RIKES 9 #bac & #b#a#d4 ,IT EM]G$ ?AT TOP MANAG]S - :O PLEAD POV]TY :5 FAC$ ) WORK]S' DEM&S = HI<] WAGES & BETT] JOBS - AW>D$ !MSELVES A #b#f.0 WAGE 9CREASE4 

,IT IS ALSO 9CORRECT TO SEE ! /ATE'S OP]ATIONS AS MORE DESIRABLE1 ) PROBLEMS LIKE POLITICAL CRONYISM1 WA/E1 CORRUPTION1 LACK ( MA9T5ANCE & 9VE/M5T A MA9/AY ( BO? ! AP>!ID ,NATIONAL ,P>TY 7,N,P7 & PO/-AP>!ID ,A,N,C P]IODS4 

,! ,/ATE ,ELITE IS NOT A ,COMPRADOR ,LAY] 

,! /ATE ELITE IS NOT A NEGLIGIBLE LAY]1 BUT PEOPLE :O CONTROL - ?R\< ! /ATE - MAJOR MEANS ( ADM9I/RATION & ! MEANS ( CO]CION4 ,9 ADDITION1 /ATE ELITES CONTROL MAJOR MEANS ( PRODUCTION ?R\< ! /ATE1 9CLUD+ /ATE-[N$ OP]ATIONS & BANKS4 ,?IS ALSO MEANS ?AT ?IS LAY] HAS RES\RCES ( ITS [N4 ,FUR!RMORE1 ?R\< HI< SAL>IES1 P]KS1 CORRUPTION1 AW>D+ /ATE CONTRACTS TO FAMILY MEMB]S1 /ATE CORPORATIONS1 & ! DIRECT EXPLOITATION ( /ATE WORK]S1 ! /ATE S]VES AS A SITE ( WEAL? ACCUMULATION = ! /ATE ELITE4 

,! BLACK ELITE1 :E!R 9 ! /ATE1 OR 9 ! PRIVATE SECTOR1 IS AN ACTIVE P>T ( ?IS SY/EM1 & ITS B5EFICI>Y - NOT A B\<T SET ( BLACK FACES1 NOT A 0PETTY B\RGEOISIE10 NOT A 0COMPRADOR0 LAY]1 BUT A P[]FUL SECTOR ( ! RUL+ CLASS1 9 ITS [N RI<T1 ) ITS [N AG5DA BAS$ ON ITS [N RES\RCES4 

,IT CANNOT =M A RELIABLE ALLY ( ! WORK+ CLASS1 P>TLY BECAUSE ITS CLASS 9T]E/S & V]Y EXI/5CE RE/ UPON ! ONGO+ SUBJUGATION ( ! WORK+ CLASS1 P>TLY BECAUSE IT IS P>T ( AN ELITE PACT ( CLASS DOM9ATION ) PRIVATE CAPITAL1 & P>TLY BECAUSE ITS [N AG5DA - SURVIVAL & EXPANSION - MU/ CLA% ) WORK+-CLASS 9T]E/S4 

,! ,RISE ( ,N,P & ,A,N,C ,NEOLIB]ALISM & ! *ANG+ ,RUL+ ,CLASS 

,! LEFT & LABOR FOCUS ON ,W,M,C HAS ! V]Y REAL M]IT ( REVEAL+ BO? CONT9UITIES ) ! PA/ & P>T ( ! PRES5T PROBLEM1 BUT IT SIDE/EPS MASSIVE *ANGES 9 ! PRIVATE SECTOR1 9CLUD+ D5ATIONALIZATION & ,BLACK ,ECONOMIC ,EMP[]M5T 7,B,E,E7 & IGNORES ! ECONOMIC SIZE & P[] ( ! /ATE SECTOR4 ,! ONSET ( NEOLIB]ALISM 9 ! LATE YE>S ( AP>!ID UND] ! ,N,P 7FROM #a#i#g#i7 & ! ACCEL]ATION ( NEOLIB]ALISM UND] ! ,A,N,C 7FROM #a#i#i#c7 *ANG$ ! PICTURE4 

,T\< CAPITAL CONTROLS ?AT PREVI\SLY MADE IT ALMO/ IMPOSSIBLE = ,S\? ,AFRICAN COMPANIES TO MOVE MO/ ( !IR ASSETS \TSIDE ! C\NTRY DESPITE POLITICAL TURBUL5CE & ECONOMIC DECL9E1 NOT$ ,DAVID ,KAPLAN1.<#a#b.> =C$ ,W,M,C TO DEVELOP 9TO GIANT CONGLOM]ATES )9 ! C\NTRY4 ,DESPITE LIMIT$ EXPORTS ( CAPITAL - ,ANGLO HAD MORE 9VE/M5TS 9 ! ,U,S,A ?AN ,UNILEV]1 ACCORD+ TO ONE E/IMATE .<#a#c.> - ! /RICT CAPITAL CONTROLS MEANT ,ANGLO EVOLV$ FROM BE+ A M9+ H\SE TO HAV+ MASSIVE HOLD+S 9 AGRICULTURE1 9DU/RY1 RETAIL & M$IA4 ,! EXI/+ MONOPOLY /RUCTURE 9 M9+ 7& /ATE 9DU/RY7 WAS N[ SY/EMIZ$ WIDELY4 

,IT WAS ,A,N,C-L$ LIB]ALIZATION ( CAPITAL & O!R CONTROLS ?AT ALL[$ ,ANGLO TO RELOCATE ITS PRIM>Y LI/+ TO ,LONDON 9 ! #a#i#iS4 ,LOOS] REGULATIONS W]E P>T ( GR[+ EF=TS TO POSITION ,S\? ,AFRICA AS AN ATTRACTIVE 0EM]G+ M>KET10 & GR[+ GLOBAL FL[S ( =EIGN 9VE/M5T HAVE SE5 ! ,J,S,E *ANGE4 ,! ,N,P HAD PIONE]$ NEOLIB]AL MEASURES 9 ! #a#i#hS1 MA9LY ?R\< AU/]ITY1 SALES ( MAJOR /ATE COMPANIES LIKE ,I,S,C,O,R & ,S,A,S,O,L1 & TAX RE=MS1 BUT DID NOT ALL[ CAPITAL FLI<T4 

,! ,A,N,C CONT9U$ !SE1 BUT ALSO OP5$ ! ECONOMIC GATES ON A SCALE UNSE5 S9CE ! E>LY #a#i#bS4 ,IT BECAME MORE ATTRACTIVE TO 9VE/ - SOMETIMES1 SOME W\LD SAY PRIM>ILY1 = %ORT-T]M PR(ITS & SPECULATION - BUT IT ALSO BECAME EASI]4 ,NOTABLY1 FROM #b#d1 =EIGN COMPANIES C\LD LI/ DIRECTLY ON ! ,J,S,E4 ,IT ALSO ALL[$ BIG FIRMS - ,ANGLO AMONG !M - TO RELOCATE !IR LI/+S ABROAD1 & %IFT FROM A CONGLOM]ATE C5T]$ ON ,S\? ,AFRICA1 TO A GLOBAL MULTI-NATIONAL1 ) A RADICALLY DECL9+ ROLE 9 ,S\? ,AFRICA4 

,CONCLUSIONS & ,QUE/IONS 

,!SE PO9TS RAISE KEY QUE/IONS = WORK+ CLASS /RATEGY4 ,:AT DO !Y MEAN = POLITICAL P>TIES P>TICIPAT+ 9 ! /ATE OR W9N+ /ATE P[]8 ,IF SU* BEHAVIOR IS NORMAL1 H[ USEFUL IS IT TO POSE ! PROBLEMS 9 T]MS ( A MORAL DYNAMIC - CORRUPTION - RA!R ?AN A /RUCTURAL ONE - CLASS8 

,COMPETITION = /ATE POSITIONS IS CLOSELY L9K$ TO COMPETITION = RES\RCES4 ,DOES ?IS HELP EXPLA9 :Y POLITICAL P>TIES FRAGM5T1 OR :AT CONFLICTS BETWE5 POLITICIANS >E 9VOLV$8 ,?OSE :O W]E PURPOSEFULLY EXCLUD$ BY ! ,MBEKI FACTION W]E 9/RUM5TAL 9 BACK+ ,ZUMA 9 ORD] TO GA9 ACCESS TO ! TOP ( ! /ATE & ! WEAL? IT W\LD BR+4 

,MANY 9 ! OPPOSITION CONT9UE TO BELIEVE ?AT SIMPLY REMOV+ ! PRESID5T WILL SOLVE ! PROBLEMS1 BUT DO WE NOT1 P]HAPS1 NE$ A PROP] *ALL5GE TO ! SY/EM ?AT 5ABLES P[] & WEAL? ACCUMULATION = ! FEW1 AS ,HATT+H >GUES8 

.<#a.> ,CONGRESS ( ,S,A ,TRADE ,UNIONS 7,C,O,S,A,T,U74 #a#i#h#g4 ,POLITICAL ,ECONOMY3 ,S\? ,AFRICA 9 ,CRISIS4 ,JOHANNESBURG3 ,C,O,S,A,T,U ,$UCATION ,UNIT4 P4 #a#i4 

.<#b.> 0,AT A ,GLANCE40 HTTPS3_/_/S\?AFRICA4ANGLOAM]ICAN4COM_/AB\T-US_/AT-A-GLANCE 

.<#c.> ,SIBANYONI1 ,M4 #a ,OCTOB] #b#a4 0,BLACK ,DIRECTORS ,>RIVE ON ,J,S,E40 ,CITY ,PRESS2 ,R4 ,S\?ALL4 #ac ,FEBRU>Y #b#a#b4 0,S\? ,AFRICA'S ,FRACTUR$ ,P[] ,ELITE10 PAP] PRES5T$ AT ,W,I,S,] SEM9>1 ,UNIV]SITY ( ,WITWAT]SR&4 

.<#d.> ,JONES1 ,G4 #h ,JULY #b#a#c4 0',D\BLE ,NEGATIVE ,:AMMY' ,RISK = ,J,S,E40 ,B,D,LIVE4 

.<#e.> ,MOHAM$1 ,M4 #bi ,FEBRU>Y #b#a#b4 0,BLACKS [N ,MORE ?AN #a#c.0 ( ,L&4'0 ,! ,CITIZ52 ,RUMNEY1 ,R4 

.<#f.> 0,:O ,[NS ,S\? ,AFRICA3 ,AN ANALYSIS ( /ATE & PRIVATE [N]%IP PATT]NS40 ,9 ,DANIEL1 ,J41 ,R4 ,S\?ALL & ,J4 ,LUT*MAN4 7$S474 ,/ATE ( ! ,NATION3 ,S\? ,AFRICA #b#d-#b#e4 ,PRETORIA3 ,H,S,R,C4 

.<#g.> ,! ,AFRICA ,REPORT4 ,JULY-,SEPTEMB] #b#a#i4 0,TOP #e ,AFRICAN ,COMPANIES40 #a#h3 #h#c-#i#g4 

.<#h.> ,TOTAL ,J,S,E CAPITALIZATION 9 ,M>* #bai WAS ,U,S,D #i#h#b4#e#f BILLION 7,M>* #b#a#i71 OR R\<LY ,Z,>#a#d4#a TRILLION 7MID-#b#a#i EX*ANGE RATE74 ,P,I,C 9VE/M5TS1 REPRES5T+ #a#b4#e.0 ( TOTAL ,J,S,E CAPITALIZATION1 MU/ !N COME TO ,Z,> #a4#a TN4 ,! TOP ?REE ,J,S,E-LI/$ FIRMS BY M>KET CAPITALIZATION BY #bah RESULTS W]E ,ANHEUS]-,BUS* 7,Z,>#b4#c TN71 ,BRITI% ,AM]ICAN ,TOBACCO 7,R#a4#h TN71 & ,NASP]S 7,R#a4#d TN74 ,9 MID-#b#a#i1 ,ANGLO WAS VALU$ AT ,Z,> #dbe BN1 & 9 SEV5? PLACE ON ! ,J,S,E3 HTTPS3_/_/WWW4SA%>ES4CO4ZA_/TOP-#a-JSE-COMPANIES4 ,NOTE ?REE QUALIFICATIONS 9 !SE CALCULATIONS3 FIGURES W]E R\ND$ UP1 ! CALCULATION WAS MODE/LY SKEW$ BY USE ( EX*ANGE RATES 9 MID-#b#a#i1 & ! CALCULATIONS ASSUME ! ,P,I,C DOES NOT HAVE HOLD+S 9 ! TOP ?REE4 

.<#i.> ,HYSLOP1 ,J4 #b#e4 0,POLITICAL ,CORRUPTION3 ,BE=E & AFT] AP>!ID40 ,J\RNAL ( ,S\!RN ,AFRICAN ,/UDIES1 ,VOL #ca 7#d73 #g#g#c-#g#h#i4 

.<#a.> ,HATT+H1 ,S4 #b ,APRIL #b#a#e4 0,IS IT ,JU/ ,JACOB ,ZUMA80 ,PAMABAZUKA ,NEWS4 HTTPS3_/_/WWW4PAMBAZUKA4ORG_/GOV]NANCE_/IT-JU/-JACOB-ZUMA 

.<#a#a.> ,HATT+H1 ,S4 #b ,APRIL #b#a#e4 0,IS IT ,JU/ ,JACOB ,ZUMA80 ,PAMABAZUKA ,NEWS4 HTTPS3_/_/WWW4PAMBAZUKA4ORG_/GOV]NANCE_/IT-JU/-JACOB-ZUMA 

.<#a#b.> ,KAPLAN1 ,D4 #a#i#h#c4 0,! ,9T]NATIONALIZATION ( ,S\? ,AFRICAN ,CAPITAL3 ,S\? ,AFRICAN =EIGN DIRECT 9VE/M5T 9 ! CURR5T P]IOD10 PAP] PRES5T$ AT 0,S\!RN ,AFRICAN /UDIES3 ,RETROSPECT & ,PROSPECT0 CONF]5CE1 ,UNIV]SITY ( ,$9BUR<1 #c ,MAY-#a ,JUNE3 #b#f-#b#h4 

.<#a#c.> ,9NES1 ,D4 #a#i#h#d4 ,ANGLO ,AM]ICAN & ! ,RISE ( ,MOD]N ,S\? ,AFRICA4 ,NEW ,YORK3 ,MON?LY ,REVIEW ,PRESS4 PP4 #b#c#d-#b#c#f4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,JANU>Y #b#b1 #bba 3 ,! ,/ATE1 ,ACCUMULATION & ,CLASS ,=MATION AFT] ,AP>!ID -- ,ADD$4 
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