Redge Nkosi is the Executive Director and Research Head of Firstsource Money, a research organisation specializing in Money, Banking & Macroeconomics http://firstsourcemoney.org/
In this first of a new series of “PRIME Papers”, the author looks at how post-apartheid governments have followed a neoliberal agenda which has failed to secure the economic recovery and development that the country so urgently requires. The paper is entitled “South Africa’s moribund economy: searching for economic recovery, employment and growth in the wrong places.”
“South Africa is an economy whose poverty, inequality and waste of human capital (unemployment) are only comparable to a country at war. The heinous cost of macroeconomic incompetence, capture or both must rank, in terms of resource misallocation (destruction of economic value), among the most expensive economic dislocation in the world, comparable to the crimes of apartheid and colonialism projects.
The nation’s primitive understanding of money and indeed banking leads to the misguided use of tools that are highly anti-developmental but also tools that are drivers of financialisation in the economy with their attendant currency risks, poverty, unemployment and inequality generation.”