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South Africa saw its most destructive riots in years this past July, ostensibly in response to former President Jacob Zuma's imprisonment and due to socio-economic factors. The Constitutional Court's sentencing of Zuma was widely hailed as a victory for the Rule of Law, but the commentariat in many cases remains blissfully unaware of its diagnostic blindspots.
While we acknowledge the positive structural reforms currently underway by government – most notably the lifting of the self-generation threshold to 100MW – command control plans of enforced localisation stand to undo any potential positive upsides of other reforms.
The Department of Social Development’s Green Paper on Comprehensive Social Security and Retirement Reform will, if adopted, result in the most harm for those it is ostensibly intended to benefit. We call on government to urgently reconsider any proposals that increase the state’s power over citizens’ financial affairs and urges all South Africans to resist the proposals contained in the paper.
According to Peter Attard Montalto (head of Capital Markets Research at Intellidex) the violence and looting that took place in parts of KwaZulu-Natal and Gauteng in July 2021 cost the national retail sector R5 billion, 800 non-shopping centre stores were looted, 100 stores were burnt out, and 200 shopping centres were looted, and many destroyed. How can the country recover from such devastation - and when still enduring more than a year of lockdown and a pandemic? The answer must lie in economic and individual freedom.
Read our exclusive cover story titled BUILD BACK BETTER | NOW IS THE TIME FOR POSITIVE RADICAL ECONOMIC TRANSFORMATION! by Chris Hattingh, Deputy Director Free Market Foundation, Member of the advisory council Initiative for African Trade and Prosperity and Senior Fellow at African Liberty, as well a host of other topical management articles written by professionals, consultants and academics in the August/September 2021 edition of BusinessBrief.
We published a new research paper highlighting the dangers of property confiscation (also known as expropriation without compensation) and nationalisation. The paper Private Property, Public Interest: Alternatives to Confiscation and Nationalisation identifies at least five alternatives, each of which empowers the vulnerable, to the government's dangerous plans which simply empower the state.
South African competition law is highly regarded internationally. In 2018, the Global Competition Review (GCR) ranked the Competition Commission as the best regulator globally. With such praise, one would expect the economy to be the most competitive in the world. This is not the case. Instead, South Africa ranks very poorly in the Fraser Institute’s Economic Freedom of the World report, which measures the freedom of economies globally with standards like regulatory burden, property rights protection, intervention and the general ease of opening and doing business in a country.
Proponents of socialism and social democracy would have you believe that capitalism is a purely Western construct that carries no deeper legitimacy in terms of our evolutionary development or our historical roots. They claim that the hierarchical nature of capitalism was imposed by the West, and without this system, humans wouldn’t arrange themselves hierarchically.
It is a reality of human nature that across all cultures all people perpetually strive to make improvements in their socioeconomic circumstances. A dream that all human beings strive to achieve. An opportunity to eradicate poverty and can come in a form of a job, education or even becoming a home-owner after an awfully long wait.
Winning the rugby World Cup has shown what South Africans can do if they put aside differences and work together. What can we do to allow the spirit and courage that the Springboks displayed on the rugby field to spill over into the hearts and minds of all South Africans?
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