Delegates reject ‘white monopoly capital’ concept

THE controversial concept of “white monopoly capital” was rejected by the majority of ANC delegates at its national policy conference.

ANC policy guru Joel Netshitenzhe confirmed that nine out of 11 commissions agreed it would be incorrect to label the phenomenon of capital as white monopoly capital.

He said the delegates agreed that monopoly capital remain as it was but the party could not deny white dominance in the economy‚ in the context of assets‚ income‚ professions as well as other privileges inherited from the past.

The decision was taken following heated debates with those supporting President Jacob Zuma arguing that monopoly capital should be called white monopoly capital.

TimesLIVE understands the balance of forces in support of monopoly capital came from Limpopo‚ Western Cape‚ Northern Cape‚ Eastern Cape‚ Mpumalanga and Gauteng.

They argued that monopoly capital was hindering the socioeconomic transformation of the country‚ particularly on the basis of class‚ race and gender.

KwaZulu-Natal‚ North West and Free State wanted it to be defined as white monopoly capital.

“We cannot run away from that there is white dominance in the economy,” Netshitenzhe said.

“We reaffirmed the Polokwane decision that there must be a relationship of cooperation and contestation with monopoly capital.

“We want monopoly capital, for instance, to create jobs‚ invest‚ participate in black economic empowerment.”

The issue would continue to be ventilated by branches before it was formally adopted as the governing party’s policy at the national conference in December.

Shortly before Netshitenzhe’s briefing‚ the issue was debated in a closed plenary session.

A delegate from KwaZulu-Natal argued that the report-back did not articulate the popular sentiment in commissions.

ANC KwaZulu-Natal chairman Sihle Zikalala said their submission was that there was racial domination in all spheres of life‚ especially the economy. – TimesLIVE