I would like to respond to the thoughtful comments by Ebrahim Harvey on my analysis of the relationship between liberalism, capitalism and racism. . I agree with Harvey that liberalism in SA needs “a strong social justice framework”.
This is reflected in SA’s exceptionally high poverty and unemployment rates and one of the world’s highest Gini coefficients, still mainly along racial lines. As former DA leader Mmusi Maimane insisted, the racial dimension cannot simply be brushed aside. It is still too recent and pervasive, but will hopefully decline as the class dimension becomes less prominent and jarring.
Initially, these incomes are likely to be modest, but they will reduce severe poverty and sky-high unemployment. This point has not been taken by the trade unions, which played a commendable role in ending apartheid but still aim at that “hi-tech/high-wage” economy that SA is ill-equipped to establish and compete in internationally in the near future.
More resources do not necessarily require higher taxes for the working and middle class. They require a more progressive tax system focused on the super-rich, and the will to enforce their payment. SA’s 2018 Davis committee stressed that SAneeds to deal with its “disturbing levels of wealth inequality” — a view shared by the World Bank and other international supporters of liberal capitalism.
The IMF urges governments to spend more on social welfare financed by increased taxes from the very rich, or risk social unrest — which we already see in SA Among countries employing a levy on net wealth, the largest in 2016 was Switzerland, at 3.7% of total tax revenue. An estimated $240bn is lost every year through tax avoidance by multinational companies and super-rich individuals. A recent report by the Global Alliance for Tax Justice highlights high capital flight from the US and SA, much into the United Arab Emirates.
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