A return to the principles of the Washington Consensus to rescue South Africa’s economy shows the hopelessness of the ANC’s current economic agenda. The country has a small window of opportunity to change its economic future – but action must start now.

A few of us who worked at the Human Sciences Research Council in the early days of independence mooted the idea of a developmental state but were quickly shunned as the black elites rushed toward conspicuous consumption and quick accumulation of money. Nearly a quarter of a century has been wasted, but there is still a fleeting chance to change the country’s and the region’s fortunes.

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