Business doesn't buy into transformation says Business Leadership SA

Is the South African economic system fundamentally broken and can it be repaired?

Eusebius McKaiser hosted a group of experts to debate the economic system of South Africa and how inequality impacts on in.

This comes after Oxfam International released its annual report which gave insights into the world's inequality.

According to the report, billionaires around the world saw their combined fortunes grow by $2.5 billion each day in 2018, an annual increase of 12%.

In contrast, the 3.8 billion people at the bottom of the scale meanwhile saw their relative wealth decline by $500 million each day, or 11% last year.

We can debate capitalism but that won't put bread on the table but for me. I think the important thing is how does the state then intervene? And I think for me there are three 'I's when we are looking at inequality. The institutions of the state, income distribution and interests as in class interests.

Isobel Frye, Director - Study in Poverty and Inequality Institute (SPII)

An economist at Nedbank, Busi Radebe says according to studies the major driver of inequality in South Africa is unequal wage income.

If you look at unequal wage income you ask yourself what is its major driver? It is unequal access to the labour market.

Busi Radebe, Economist – Nedbank

The system is not fundamentally wrong, it's how we used the system that is fundamentally wrong.

Busi Radebe, Economist – Nedbank

However, the COO of Business Leadership SA argues that the issue is equal opportunity in the economic system of the country.

The issue is that as business, we don't buy into this transformation thing. As business, we believe that transformation is a black issue and it's not a black thing it is a South African issue.

Busi Mavuso, COO Business Leadership SA

The issue here is that as business we continue to pay white people more that we pay black people. The issue is that we continue to pay women less than we pay men. We are just not interested in transformation, we try and find way to beat transformation.

Busi Mavuso, COO Business Leadership SA

Mavuso further states that business needs to look at how to meaningfully address the history of dispossession and oppression.

READ: Redistribution is key to addressing rising levels of poverty in SA, experts say

Listen to the full conversation and caller's views on the topic...


This article first appeared on 702 : Business doesn't buy into transformation says Business Leadership SA


Recommended

by NEWSROOM AI
Read More
[WATCH] There will be no place for violence in EFF government - Julius Malema

[WATCH] There will be no place for violence in EFF government - Julius Malema

Leader explains some of the party's election manifesto promises on the Eusebius McKaiser show.

'We wanted Patricia de Lille to go, Patricia de Lille went'

'We wanted Patricia de Lille to go, Patricia de Lille went'

DA's Mike Moriarty says this matter is about whether the IEC has powers to make judgements about the former mayor.

Redistribution is key to addressing rising levels of poverty in SA, experts say

Redistribution is key to addressing rising levels of poverty in SA, experts say

These experts believe that the government is fuelling the crisis of inequality because of underfunding of basic services.

'Those who aren't gloomy says those that are gloomy are too gloomy'

'Those who aren't gloomy says those that are gloomy are too gloomy'

Bruce Whitfield interviews CNN's Richard Quest and Absa Group CEO Maria Ramos. They're at the 2019 World Economic Forum in Davos.

26 richest people have wealth equal to the poorest 3.8 billion - Oxfam

26 richest people have wealth equal to the poorest 3.8 billion - Oxfam

The world's billionaires are 12% richer than a year ago while the bottom 3.8 billion people are 11% poorer, says Oxfam.

Outlook for mining in South Africa in 2019

Outlook for mining in South Africa in 2019

Ray White interviews Thembinkosi Dlamini, a mining expert at Oxfam.

Popular articles
How long to keep tax records available for inspection in South Africa

How long to keep tax records available for inspection in South Africa

Should you keep them "forever"? Tax expert Chris Sloane on the requirement to keep tax records available for inspection by Sars.

[WATCH] Oil riggers rescue pooch 200 kms out to sea

[WATCH] Oil riggers rescue pooch 200 kms out to sea

The workers in the Gulf of Thailand spotted the exhausted dog clinging to the pipes of the rig and managed to pull her to safety.

Sam Smith cancels remaining Cape Town concerts

Sam Smith cancels remaining Cape Town concerts

British singer, Sam Smith's fans in Cape Town where left disappointed after his concert was cut short due to voice strain.

Capetonians: Here's your chance to sort out your traffic fines in one fell swoop

Capetonians: Here's your chance to sort out your traffic fines in one fell swoop

Mayco member for corporate services Sharon Cottle explains the Traffic Fines Roadshow at the Cape Town Civic Centre this week.

DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.