comte
JF-Expert Member
- Dec 11, 2011
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Although having characterized South Africaís black business as having no independent base, Randall (1996: 673-675) goes on to argue that the potential exists for the emergence of a significantly empowered and skilled black capitalist class, particularly via joint ventures with white companies. He cites as examples Kagiso Trust Investments, joint partners in two successful companies, Kagiso Publishers and Kagiso Khulani Supervision Food Services, and Thebeís subsidiary, Moribo, and its joint venture with the cinema chain Ster-Kinekor in Ster-Moribo. The distinguishing feature of these enterprises, he argues,
is the substantial degree of power which the black capitalists deploy,
as well as the commitment of the white partners to skills transfer and to creating genuine black companies out of their joint ventures. Hence, he concludes, ìSouth Africa is witnessing the empowerment of African entrepreneurs who can exert a decisive influence in their business interestsî, this a product of four major factors, viz:
is the substantial degree of power which the black capitalists deploy,
as well as the commitment of the white partners to skills transfer and to creating genuine black companies out of their joint ventures. Hence, he concludes, ìSouth Africa is witnessing the empowerment of African entrepreneurs who can exert a decisive influence in their business interestsî, this a product of four major factors, viz:
- the political insecurity of white capital,
- the promotion of black business by a competent policy-making regime,
- the mobilization of opinion against whites using black companies as ëfrontsí and also against the misuse of black empowerment by black politicians for personal gain, and lastly, because of
- the existence of a relatively sophisticated economy, notably the existence of an active equity market and a well organized financial sector. In contrast to the rest of Africa, where on the whole such conditions do not exist, South Africa seems set to see ìthe development of a viable black capitalist classî (Randall 1996:675-686).
