Some people have been alleging that the African National Congress (ANC) is employing WMC as the fake concept to guard against corruption and criticism. Whereas, some have gone one step further and hence attempted to gather information about Johannesburg Stock Exchange (JSE), which as per them reflects the growth level of black ownership. Nevertheless, as per the website WMCLeaks,a versatile enquiry incorporating the verification of JSE into South African Economy displays a totally dissimilar scenario.
Misunderstanding of JSE Statistics And Unawareness Of Issues Like Land Ownership
Seems like WMC deniers forgot to consider other factors which in reality formulates for state economy. The main focus of JSE simply replicates that the deniers have unseen the fact that the stock-market is purely one of the several forms of capital in SA.
To have clear picture of who dominates the economic factors of state like human capital, land ownership and home etc in the form of education, skills and knowledge must be considered essential. If these factors are been left unnoticed, it clearly displays the lack of understanding the term “Capital” along with its associated link between contemporary and historic forms of capital accumulation.
It can’t be forgotten that bequests of apartheid and colonialism, that transport a huge mass of resources in to the white European migrants hands, and no matter how much you refuse, it still prolongs to shape the social, economic and political life of the country.
We come back to the JSE share statistics in depth. Regardless of the claims from WMC deniers, a research on black ownership displays that the black SA still considered as small time players with only 23% of shares were held indirectly and directly.
Hints about White Monopoly In History Of SA
Do you mind, getting a stroll back previously? Let’s go long back of 1990s, where the information by the institute of Land, Poverty and Agrarian studies shows 70% of land farms of total area were possessed by just 60, 000 whites.
In fact, during the time of apartheid during 1994, more than 80% of land was in hands of white minority. And this has to be renowned that about less than 10% of total farm has been recorded for being redistributed from whites to black ownership since 1994.
Pushing Back The Black South Africans
Racial inequalities in SA can neither be denied nor ignored.
However, its effects can be viewed clearly in the state at present; white people are talented and get higher education, bigger savings, restaurants, large holdings of shop, fleet of resorts and hotels, better houses, restaurants, foreign assets, smooth cash flow and other varieties of financial products as well. On the other side, blacks stay obviously poor, unemployed and unskilled. And the white typically rejoice with their higher positions in terms of higher wages, labor market and better lifestyle. Is it so hard to smell the WMC in South Africa? Yes, only if you walk on the streets with closed eyes.
The evil-spirit is right there, demolishing layer-by-layer of SA economy and we are only reason for letting it occur by closing our eyes and making voices low.
Black empowerment is compulsory and we all need to stand for it.