In fact, if one is to cast a wide view at it, the problem is really, continental. Whilst it is possible to blame the economic conditions of other African nations on political instability, the same cannot be said of us. We have had everything going for us. Our first President, and his contemporaries, deserve special commendation for ensuring that “the wells of democracy”, necessary for political stability are “dug deep”. The setbacks we have suffered in our quest for economic emancipation have by no means been peculiar. As such, we can furnish very few excuses for our condition.
I do not want to cut a pessimistic, let alone a political tone. By far, we have achieved plenty in terms of infrastructural development. Overall, our management of the economy and the single commodity upon which it has predominantly relied upon, has been good. There have been occasions when we have dropped the ball, but such cannot subtract from our overall achievements. Economic diversification has, however, been the one area where we have dismally failed. Hyundai was frustrated by regional economic politics after capturing about 12% of the South African car market and leaping onwards to being the country’s second, if not third, foreign exchange earner. South African protectionism is not very different from what we see happening between the United States and the East. Populism has reshaped, or at least influenced, economic approaches at the top most levels and small players will find it even harder to compete in regional and global markets where leaders consult the electorate, and not economists for economic policy direction. When regional and global economic powers depend upon labour for political capital, and consider same their default constituencies, free trade is the natural casualty.
