Wondering what White Monopoly Capital really means? Well, Progressive Professionals Forum president Mzwanele Jimmy Manyi is here with a proper definition.
According to Manyi, white monopoly capital is not the white corner café owner but the massive firms that “control” the bulk of the country’s economy.
Speaking at an ANC Youth League event in Durban on Friday night, Manyi said that the “defective” policies sanctioned by the ruling party and “designed to serve white monopoly capital” are hindering the country’s economic growth.
Manyi was one of the panellists at the eThekwini ANC Youth League’s economic freedom discussion. The discussion was held under the theme of “monopoly capital vs transformation” at the University of KwaZulu-Natal’s Howard College on Friday night. Other panellists included former SABC COO Hlaudi Motsoeneng‚ provincial ANCYL chair Kwazi Mshengu‚ PPF chair Thembakazi Myaka as well as eThekwini ANCYL chair Thembo Ntuli.
In his speech, Manyi made it known that the economy cannot be transformed if the arbitrary laws in South Africa’s Constitution persist. He said that these laws are preventing the transformation of the economy‚ not the corner shop owned by a white person.
Manyi said it was important to take note of the fact that not all white people running businesses should be categorised under the banner of white monopoly capital.
“A corner shop of a white person is not white monopoly capital. Some small factory of a white person is not white monopoly capital. And a white person just walking down the street is not white monopoly capital.
“What is monopoly capital? It is the extreme end of a capitalist of this country. These are the people that control the oligopolies of the industry‚” he said.
Therefore, the government needed to strengthen the arm of the Competition Commission and pass anti-oligopolies legislation.
To buttress his point, Manyi went ahead to name banks‚ cellphone companies‚ the “construction cartel”‚ auditing firms‚ the wood and paper industry‚ metalwork and fuel companies as those that would meet this definition of white monopoly capital.
“I’m counting all of these so that we understand what we are talking about‚ so that you understand why is it important for the government to come up with anti-oligopoly legislation to tighten the arm of the Competition Commission‚” he said.
In addition, Manyi lamented that white monopoly capital owned R15-trillion of the Johannesburg Stock exchange‚ while 3% is owned by black people.
“Isn’t that a shame? If you look at top positions in this country you find that black people‚ Africans in particular‚ are nowhere. Africans‚ black people‚ occupy 10% of all positions at the top and the rest are occupied by white people‚” he said.
On procurement policies, Manyi called for changes in order to realise the government’s objective of radical economic change.
Manyi said policies that the country must discard include the Preferential Procurement Policy Framework Act‚ whose regulations were, in fact, working against black businesses and empowering white businesses.
He concluded by making a clarion call for the government to de-concentrate these companies to enable the country’s wealth to spread.