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Why "White Monopoly Capital" is irrelevant

07 April 2017, 16:42

This idea that white people run the economy, even if it were true, is completely irrelevant, this is why.

In South Africa, the white population makes up around 10% of the entire population in the country, while the black population is around 80% (these figures are rounded).

Even if every white person in this country becomes an entrepreneur and runs a company, either big or small, the black population will only require 20% of their people becoming entrepreneurs in order to eclipse white business ownership. 

The problem is that people say that white people own the economy and that the assets that are currently there should be distributed amongst the black population. This brings in a host of issues.

Firstly, who decides who gets what? With the current state of our government and the high levels of corruption, you know that poor Gogo Thandi, living in her shack in the rural parts of Mpumalanga will not receive a single fraction of these assets.

Secondly, who will manage these assets? Will the government? Well, their track record of managing assets is abysmal…and with the current administration you can be sure the mismanagement will only increase.

Thirdly and most importantly, there isn’t enough to go around. The largest problem with South Africa is that the size of our economy is too small for the size of our population. Currently, the government is borrowing money left right and center in order to foot infrastructure projects, social development projects and other things. Now, even if the corruption levels were reduced to 0, this would remain a problem as every cent borrowed is a cent owed plus interest…and this means that we need serious economic growth in order to pay for this interest. If our economy were large enough, we wouldn’t need to borrow as much and our development projects would continue at a faster pace.

So what does any of this have to do with my statement that white monopoly capital is unimportant? Well, everything…let me explain.

Our country’s largest problem is that our economy is too small. The white population can’t do much about it purely because of our lack of numbers, We cannot fill all the needs of the economy to grow it…the sheer manpower required to effectively grow our economy is only available within the black population.

Yes, there are very successful contributors to the economy within the white, Indian, Asian, Coloured and other minorities within the country, but the problem still remains that it isn’t enough. We need a black economical contribution on a large scale.

So how does fact translate to a future for our nation…well it is simple…on paper at least…we need to encourage on a large scale international and local investment within black entrepreneurship. We also need government will backing this.

The current way our country’s laws are, this type of economic growth system can be easily encouraged with a few steps:

1.     Provide tax incentives for foreign investors who partner with black people.

2.     Provide the same tax incentives to local businesses that partner with black people.

3.     Provide tax incentives for training initiatives within companies who train up black entrepreneurs and staff.

4.     Provide tax incentives for companies that expand their work force.

5.     Provide tax incentives for black startup businesses.

6.     Provide huge tax incentives for companies who manufacture their products and sell them in South Africa.

7.     Provide tax incentives for companies who manufacture products in South Africa and export them, be they local companies or international.

8.     Lower corporate tax so that companies have more money to expand and thus employ more people.

9.     STOP PLAYING IDENTITY POLITICS. INCREASING THE RACIAL DIVIDE ONLY POLARISES THIS COUNTRY AND WILL KEEP DESTROYING IT’S POTENTIAL. We need to work together in order to save this country and help it reach its potential…we are all human beings and fighting over something as silly as race is unproductive.

The goal of these steps are to grow the economy so large that nobody can be excluded or else the economy will fail. This is the radical economic transformation that is required…because if we redistribute what we have, we will all quickly realize how little it really is.

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.


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