From 1994 to 2012 the ANC has been characterised by poor service delivery, inability to address key social and economic challenges faced by the black majority. The ANC admits that the first transition was characterised by a framework and a national consensus that may have been appropriate for a political transition, but has proven inadequate and even inappropriate for a social and economic transformation phase. The ANC has expanded the number of emerging black capitalists as a product of democratic change and a direct creation of the task of de-racialising the economy. This has proved to be a recipe for disaster as the vast majority of blacks are still impoverished. During a socio-economic transition, white capital will have to be a critical part of consensus on a socio-economic transition. And, as with the political negotiations, they will have their own agenda and tactics. The black majority who have been disenfranchised have former ANCYL President Julius Malema to thank as he was vociferous and championing the call for “Economic Freedom in Our Lifetime” which has largely led to the “Second Transition” that is currently discussed at the ANC Policy Conference. This could mark the end of the failure of neo-liberal capitalism that continued to support the white minority at the expense of the black majority. The ideals and aspirations of the Freedom Charter that national wealth of the country will be turned over to the native people and will open up fresh fields for the development of a prosperous Non-European bourgeois class.