Answer to Question #154732 in Political Science for Noluvuyo

Question #154732

Trace and explain the genealogy origins of the white monopoly capical and its conjoined relationship th the ANC controversial policy of radical economic transformation taking cognizance of how post 1994 south Africa's economic policy framework evolved over the years

Expert's answer

The white monopoly capical is used in contemporary polititical discourse to describe the continued economic dominance of the Whites in Apartheid South Africa The phrase originated during economic struggles of the 1950s and it is attributed to the severe storm that affected Cape Town in 2017. Moreover, the white Monopoly capital was used to level accusations against government administrators against Gupta interests. It favoured the corrupt networks that sought to loot the state using the ANC. The white monopoly capital concept tends to restrict analysis within South Africa’s reality, history and borders. Proponents of white monopoly capital deliberately turn the focus away from the international character of monopoly capital, thus avoiding the encounter with globalisation and the neo-liberal paradigm. For example, the international listing/relocation of Old Mutual and Anglo-American; the domination of South Africa’s steel industry by Arcelor-Mittal; the Australian-based global aluminium giant Billiton, and its favourable apartheid-era cut-price electricity agreements with Eskom are all brushed under the carpet.

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