Business doesn't buy into transformation says Business Leadership SA

Is the South African economic system fundamentally broken and can it be repaired?

Eusebius McKaiser hosted a group of experts to debate the economic system of South Africa and how inequality impacts on in.

This comes after Oxfam International released its annual report which gave insights into the world's inequality.

According to the report, billionaires around the world saw their combined fortunes grow by $2.5 billion each day in 2018, an annual increase of 12%.

In contrast, the 3.8 billion people at the bottom of the scale meanwhile saw their relative wealth decline by $500 million each day, or 11% last year.

We can debate capitalism but that won't put bread on the table but for me. I think the important thing is how does the state then intervene? And I think for me there are three 'I's when we are looking at inequality. The institutions of the state, income distribution and interests as in class interests.

Isobel Frye, Director - Study in Poverty and Inequality Institute (SPII)

An economist at Nedbank, Busi Radebe says according to studies the major driver of inequality in South Africa is unequal wage income.

If you look at unequal wage income you ask yourself what is its major driver? It is unequal access to the labour market.

Busi Radebe, Economist – Nedbank

The system is not fundamentally wrong, it's how we used the system that is fundamentally wrong.

Busi Radebe, Economist – Nedbank

However, the COO of Business Leadership SA argues that the issue is equal opportunity in the economic system of the country.

The issue is that as business, we don't buy into this transformation thing. As business, we believe that transformation is a black issue and it's not a black thing it is a South African issue.

Busi Mavuso, COO Business Leadership SA

The issue here is that as business we continue to pay white people more that we pay black people. The issue is that we continue to pay women less than we pay men. We are just not interested in transformation, we try and find way to beat transformation.

Busi Mavuso, COO Business Leadership SA

Mavuso further states that business needs to look at how to meaningfully address the history of dispossession and oppression.

READ: Redistribution is key to addressing rising levels of poverty in SA, experts say

Listen to the full conversation and caller's views on the topic...


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