The paramount chief of white economic power, Mr Rupert, claimed on 4 December 2018 that white monopoly capital does not exist. In fact, he said “there is no such thing”. He claimed that ESKOM and SAA are the monopoly.
Well, he and his ilk of land and mineral resource looters and the black apologist of the colonial masters, who say the concept “white monopoly capital” does not exist are wrong and they know it.
White monopoly capital and white people in general in South Africa are still the principal beneficiaries of social and economic abundance of the post-1994 period.
White monopoly capital directly implies colonialism of a special type. The two theories and notions are inter-twined.
In this country, even though we are portrayed as a “rainbow nation”, there are still stigmas, stereotypes and racial divisions of black and white. Although white people have surrendered political power to a democratic order they have and will continue to consolidate and advance the social and economic power and white control of all sectors of the economy.
This effective economic dominance in South Africa is exercised by a coalition of local white monopoly interests in mining, industry and agriculture, in cahoots with foreign imperialists and representatives of monopoly capitalism. Although these interests have conflicts among themselves, which are reflected in the main white political parties and groupings like DA, Freedom Front and others they remain a conglomerate force. They find common ground in the continuation of the colonial-type suppression of the non-white populace.
The progress in black and female ownership and control of wealth and access to management and many other professions is still limited. The struggle for national democracy is also an expression of the class contradiction between the black and democratic forces on the one hand, and the monopoly capitalists on the other.
Real economic power is in the hands of the monopolists who own and control the mines, the banks and finance houses, and most of the farms and major industries. Seven mining-financial corporations and controlled by a handful of powerful financiers who own the gold, diamond mines.
The Oppenheimer family has for the past 85 years occupied a controlling spot in the world diamond trade. Forbes has valued Nicky Oppenheimer to over R91 billion, with almost all of that money coming from diamonds. He is the undisputed King of “Diamond Monopoly Capital.” He is so rich that he could spend millions every day and still not run out of money.
It is a fact that all positions of economic strength and influence are held and jealously guarded by a monopoly of members of the white group alone
In order to secure its position as the ruling party had to come to terms with other class forces, make deals and reach compromises with class forces and fractions whose interests temporarily intersect with its own.
This impact has been deepened by the industrious cultivation and coercion by white monopoly capital of a tiny band of politically connected black crooks as shareholders and board-members in the name of “black economic empowerment”.
The propaganda sewerage that is spilling into the public discourse of the notion that white monopoly capital is an invention of some public relations firm called Bell Pottinger, and that it never existed in the literature of the national liberation movement is a blatant untruth. This blatant liar is being espoused by the puppets of the white capitalist masters.
A former minister of finance in the democratic order publicly stated that the term "White Monopoly Capital" was conjured up by Bell Pottinger on behalf of the Guptas, and was filtered into the political discourse to serve their corrupt agenda.
The failure to declare the racial character of monopoly capital in South Africa is to fail to acknowledge the colonial character of South Africa and the special nature of that colonialism and is treasonous in its entirety.
The failure of the apologists of white greed to acknowledge that white monopoly capital exists is rooted in their fear for their positions in white monopoly establishments, and the want to not compromise their deals with the demonic forces and careers of their family members. They even go so far as to say is that such claims of white monopoly capital are harmful to investment in our country.
The fundamental task of non-racial nation builder’s in our country is to embark on a radical programme at dismantling white monopoly capital and is central to the national democratic revolution.
The main revolutionary assignment of the working class, on the African continent, is to eradicate white monopoly of social and economic power and in South Africa it is to carry out the national democratic revolution for the liberation of African and all other oppressed and exploited people be they black, women or the disabled.
This distorted narrative, which seeks to deny the existence of white monopoly capital, or white monopolisation of South Africa, is designed at ideologically befuddling black people in general, and Africans in particular. It is treacherous and is done so as to shield the real racist class force that wields power in our society, the demonic class force which is guilty for much of the poverty, starvation and suppression of talent that is experienced by black people day-in and-day out.
Even the erstwhile Nelson Mandela said, “The system of white supremacy has its roots in the cheap labour needs of the major economic groups in the country. South Africa’s economy is dominated by giant monopolies in the gold mining industry linked with big financial and farming interests whose tentacles reach also into secondary industry. These groups have been responsible for the reserve system, migratory labour, the low wage policy. These groups own and control the national wealth of our country and determine the basic structure of the South African state.”
Madiba alluded to that fact that even if every discriminatory law on the statute book were to be rescinded and annulled, but the mineral wealth and financial kingdoms were not transferred to the ownership of the South African populace as a whole, the system of white superiority would in its fundamentals be perpetuated and preserved for many generations.
White domination has been fortified behind a wall of privilege in jobs and professions, in educational opportunities and a hundred other social and economic spheres. The fact that 87 % of the land is reserved for white ownership, and our white compatriots, through monopolisation and collusion own and control the mines, factories, major retail outlets and banks and almost everything else of commerce is ample proof that white monopoly capital exist.
The continued existence of white monopoly capital is an insulting demonic doctrine and practice of race superiority in a democratic order.
The concentration of wealth and economic power in the hands of white capital perpetuates the super-exploitation of millions of black workers and prolongs the desperate plight of millions of the poverty stricken landless rural poor. The economic dominance by the white corporate world by consciously orchestrating the obstruction of the advancement of black business and other sectors of the oppressed must be challenged head-on. This reality, therefore, forms the basis of the antimonopoly content of the national democratic programme.
Constant service delivery protest in communities should be an indication that the people’s patience is not limitless.