Today's Big Stories

Do capitalists control the price of bread and oil?

Speaking at the Congress of South African Trade Unions' (Cosatu) elective congress in Midrand on Monday, President Jacob Zuma said the prices of bread and oil are dictated to people because they are controlled by a class that must make a profit.

Leon Louw, co-founder of the Free Market Foundation, on Tuesday spoke to Stephen Grootes about why he finds the notion that bread and oil are dominated by class interest "nonsensical".

Listen to the conversation below:

It’s hard to believe that a head of state could say something so nonsensical. No one has any power to fix the oil price. Economics and capitalism is not a win-lose process. It’s a win-win. In all voluntary human interactions, all parties are better off because what they get, they value more than what they give.

Leon Louw, co-founder of Free Market Foundation

On the other hand, Professor of Political Economy at Wits University, Patrick Bond spoke to Stephen Grootes about why he thought the president's comment on capitalism was metaphorical ideology and could be used to redirect capital.

Listen to the conversation below:

Trying to redirect capital would be a sensible thing, but unfortunately it’s not something President Zuma is willing to do.

Patrick Bond, Professor of Political Economy at Wits University

Listen to an earlier conversation on the Redi Tlhabi about President Zuma's comments on capitalism.


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