Chris Malikane, adviser to Finance Minister Malusi Gigaba, was again peddling his version of fake economics – this time when he recently addressed the Blacks in Dialogue event.
He reiterated his call for nationalisation of key sectors of the economy as a component of radical economic transformation, and if not implemented, by sounding an inflammatory call to arms.
Malikane wants radical economic transformation to “plunge (South Africa into crisis) and become like Venezuela, Zimbabwe”, which in his make-believe world, have morphed into successful shining light representations of radical economic transformation.
However, in the real world, they are basket cases mired in deeply deteriorating political and economic crises. What else would trigger angry, hungry mobs in Venezuela to ransack supermarkets, with Zimbabwe’s crisis upon crisis not far behind?
Malikane will offer his proposals at a upcoming ANC policy conference. Chances are Malikane’s fake economics will resonate notwithstanding rational alternatives to creating jobs and addressing inequality. If implemented, the country will likely find itself begging at the IMF’s door.
It’s time for Malikane to return to his ivory tower, and focus on economic theory that works in the real world. Until then, he remains a loose cannon in a position to further exacerbate an economy currently on life support.