In less than a week Finance Minister, Pravin Gordhan, will present his budget speech. And the question being asked is what would a transformative budget look like? There is a concern that – more than 20 years since the dawn of democracy – there’s been no substantial change in ownership and income patterns in South Africa.
The majority of large businesses are still owned and run by non black people. In his reply to the State of the Nation Adress debate in Parliament, President Jacob Zuma said the fact that white households earn five times more than black households cannot sustain a prosperous future for all.
Zuma has promised to act against economic concentration which links to the phrase white monopoly capital, and is the rationale behind government’s program of Radical Economic Transformation. To discuss the issue, Francis Heard spoke to Professor Ivan Turok, Executive Director at the Human Sciences Research Council.
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