Why Nations Fail authors, Daron Acemoglu and James Robinson, have recently written a series of blog posts on South Africa. One of these, The Fear of Oligarchy, argues that the "African National Congress (ANC) were so concerned that alienating the white elite would be very costly, they ended up with a society even more unequal than the one they inherited". They argue - using a mind map that link prominent black politicians to private sector firms - that "white capital" gave the ANC political elite a stake in the private enterprise economy. "Perhaps the major driver of the lack of effective reform in the extractive economic institutions of Apartheid is not just that the ANC elite were fearful of collapse but also because they started seeing their personal interests in the continuation of the same economic institutions."
Remaphobia and post-apartheid economics
Remaphobia and post-apartheid economics
Remaphobia and post-apartheid economics
Why Nations Fail authors, Daron Acemoglu and James Robinson, have recently written a series of blog posts on South Africa. One of these, The Fear of Oligarchy, argues that the "African National Congress (ANC) were so concerned that alienating the white elite would be very costly, they ended up with a society even more unequal than the one they inherited". They argue - using a mind map that link prominent black politicians to private sector firms - that "white capital" gave the ANC political elite a stake in the private enterprise economy. "Perhaps the major driver of the lack of effective reform in the extractive economic institutions of Apartheid is not just that the ANC elite were fearful of collapse but also because they started seeing their personal interests in the continuation of the same economic institutions."