South Africa: Nationalisation of Assets Versus Socialisation of Wealth

analysis

A while back, Deputy Minister of Transport, Jeremy Cronin penned a column in Umsenbenzi, the online publication of the South African Communist Party, where he wrote that perhaps we should be thinking about the 'socialisation' of wealth, rather than the nationalisation of assets.

Cronin was positing the idea that the nationalisation of assets, for all intents and purposes, is not the only device for dealing with income inequality, unemployment and widespread poverty. He perceptively also noted that the nationalisation debate was a Trojan horse for an asset grab by a new class of elites, in the name of national development.

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