Big corporations in the era of stakeholder capitalism
Friday, January 31, 2020
President Mokgweetsi Masisi in Davos
Although the President’s team didn’t take part in any of the discussions on the evolving nature of capitalism, I couldn’t help but relate the debate to our own shores where big corporations have become mega institutions interwoven into public, government and private institutions. In a country boasting one of the highest levels of income and wealth inequalities (third highest in the world), the few with lots of private capital, and in monopolistic corporations are thriving for their stakeholders despite a nascent private sector that apparently holds the key to economic growth, economic diversification and jobs creation.
Stakeholder capitalism first reached its pinnacle in the early 2000s when British Prime Minister Tony Blair challenged corporate entities to take into account the interests of staff, customers, suppliers and the environment. Nowadays, the global technological, environmental, geopolitical, and socio-economic transformations of the past two decades are driving a re-examination of the prevailing corporate-governance model, just as they are posing fundamental challenges to many areas of public policy and governance.
Whilst the project received mixed reactions from members of the public, the project is indeed a welcome development, which needs to be implemented as soon as possible. Many shared their opinion, with those against the project decrying that if implemented, it will kill the already struggling public transport industry.Many countries around the world have state-run public transport, and those who have travelled to such countries will give testimony...