So what exactly is radical economic transformation?

Wits University associate professor of economics Christopher Malikane explains radical economic transformation and how it is geared toward fundamentally changing current structures within the economy.

He elaborates on some of the issues captured in the thinking around the term.

Meaning, changing the composition of output that the economy is producing and ownership and control patterns – who owns the entities that are making most of the production in the economy, and who manages, who makes decisions about investment patterns, employment patterns, pay in the labor market.

Christopher Malikane, Wits University associate professor of economics

In an interview with Stephen Grootes on Monday, Chairperson of the African National Congress's (ANC) subcommittee on economic transformation, Enoch Godongwana said there is still no clarity around the phrase, but he is confident that once it is properly defined, people will rally behind it.

Listen: ANC economic transformation commission on downgrade to Junk status.

Highlighting existing barriers for black business, Malikane shares some of what needs to happen to address issues of ownership and ensure all South Africans benefit from local procurement.

Part of the policies that need to be instituted....for example access to credit, people have been consistently arguing that there needs to be a state bank that is going to provide credit in a manner that is affordable to small and medium enterprises and established big businesses.

Christopher Malikane, Wits University associate professor of economics

Click below to listen to the full audio.....


Recommended

by NEWSROOM AI
Read More
Matter of Fact: South Africa does not have longest working hours in the world

Matter of Fact: South Africa does not have longest working hours in the world

Africa Check deputy chief editor Kate Wilkinson says Cambodia tops the rankings with 2,456 hours worked on average per person.

Meet the quiz mastermind behind the Dischem Brain of 702 competition

Meet the quiz mastermind behind the Dischem Brain of 702 competition

Azania Mosaka speaks to the man tasked with designing the Brain of 702 quizzes - writer Dawid Van Lill.

ANC's subcommittee on economic transformation won’t rule out  a recession

ANC's subcommittee on economic transformation won’t rule out a recession

On Sunday, the committee held a briefing on the party’s economic transformation discussion document.

Here’s what it’ll take for South Africa to rise from junk status…

Here’s what it’ll take for South Africa to rise from junk status…

It’s hard, but not impossible. Arabile Gumede interviews Argon Asset Management Economic Strategist Dr Thabi Leoka.

Zuma promises radical economic transformation at local government summit

Zuma promises radical economic transformation at local government summit

President Zuma addressed the summit saying patterns of economic ownership and control must shift in favour of the poor.

Zuma's 'radical' land reform is opportunistic - political analyst

Zuma's 'radical' land reform is opportunistic - political analyst

President Jacob Zuma has said the Constitution should be amended to allow land expropriation without compensation.

Popular articles
Positioning your business for success

Positioning your business for success

Positioning your business for success - what does this phrase even mean?

This is how you should invest your money for the next decade

This is how you should invest your money for the next decade

Personal Finance - Tips on how to invest your money.

Is SA Express next in line for business rescue?

Is SA Express next in line for business rescue?

SAA has been placed in business rescue and this is placing SA Express in a risky position.

#WEF2020:  Bruce Whitfield live from Davos

#WEF2020: Bruce Whitfield live from Davos

CNN business editor Richard Quest pulled no punches about South Africa when Bruce Whitfield interviewed him in Davos earlier.

Zondo expresses concern over state capture inquiry not completing its work

Zondo expresses concern over state capture inquiry not completing its work

The commission chair applied for an extension of the inquiry until the end of December this year.

Parktown Boys' High parent wants SGB, affected teachers and management charged

Parktown Boys' High parent wants SGB, affected teachers and management charged

The parent says the code of silence needs to be dismantled as boys who open their mouths are victimised and removed.

Festive season fatal crashes reduced by 3% as motorists heed safety calls

Festive season fatal crashes reduced by 3% as motorists heed safety calls

Eyewitness News reporter Kgomotso Modise gives a summary of the 2019/2020 road safety report.

'We're in hot pursuit,' says Mbalula after 308km/h speedster identified

'We're in hot pursuit,' says Mbalula after 308km/h speedster identified

The Road Traffic Management Corporation confirmed in a tweet that the speedster had been identified and called for him to turn himself over or they would come to him at his residence.

Maile suspends 'constitutional delinquent' Tshwane speaker Mathebe

Maile suspends 'constitutional delinquent' Tshwane speaker Mathebe

Gauteng Cogta MEC Lebogang Maile explains his decision to suspend Mathebe and former Johannesburg speaker Vasco da Gama.

Looking at art as one of the languages in which to talk about mental illness

Looking at art as one of the languages in which to talk about mental illness

Eusebius McKaiser and pundits reflect on how people can manage their mental health challenges by creating artworks.