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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Character and Consequences of Conglomeration in the South African Economy
Author:Lewis, David
Periodical:Transformation: Critical Perspectives on Southern Africa
Geographic term:South Africa
Subjects:economic concentration
economic policy
income policy
Development and Technology
Economics and Trade
international relations
External link:https://d.lib.msu.edu/tran/151/OBJ/download
Abstract:The degree of control that is exercised over the South African economy by a handful of corporations is legend. The overwhelming objective of left policy proposals in this area is, therefore, a redistribution of the wealth and power exercised by these conglomerates, with nationalization the most immediately apparent mechanism for effecting this redistribution. However, the inequities associated with centralized ownership are not easily corrected. Aim of this article is to locate ownership policy within a problematic that emphasizes the twin imperatives of growth and redistribution. The first section presents a definition of a conglomerate. The second section identifies conglomerates in the manufacturing sector. The third analyses the consequences of conglomeration and the fourth offers alternatives to conglomeration. The conclusion is that a firm State hand on the mechanisms and institutions that allocate capital is the key to rapid development. In South Africa this will not be achieved by the maintenance of the present relationship between finance and production, by, in other words, the maintenance of the conglomerate form, nor by a market-led unbundling of conclomerates that emanates from some of the conglomerates themselves. Rather, a State-led restructuring of the relationship between finance and production is required. Bibliogr., notes, ref.