Talking of oligarchy at its finest...
Young adult unemployment rose to 45% whilst the stock market's value increased 6100%. Neoliberalism is an extremely successful economic model... for neoliberals.
The backlash against Elon Musk has drawn attention to American oligarchy’s connection to South Africa. However, it has been the Democrat’s backlash against Trump, and not care for my country (which has long and detrimentally been controlled by neoliberalism). Consequently, I share this excerpt from the ROAPE website.
Oligarchy and the subversion of democracy – warnings from South Africa
“Wim Naudé warns that South Africa’s oligarchy offers a case study in how elite control can subvert democracy and entrench inequality.
Since the end of Apartheid, the country [led by the ANC, and now in coalition with the DA] has embraced neoliberal economic policies that favour mining, finance, and agri-business elites, pointing to a strong collusion between oligarchs and the ANC. While corporate profits and market capitalisation have soared, most South Africans face poverty, high unemployment, and poor public services…
In 2003, the JSE [stock market] had a market capitalisation of around R 344 billion. Currently, it is around R20 trillion. That is a 61-fold increase. The JSE is dominated by 49 companies…
23% of households still rely on open fires fuelled by wood and coal for cooking and heating. Around 45% of youths are unemployed…”
Please read the full article.
I’ll be offline for a couple of weeks, but have scheduled a few non-political posts for you at Magical International Movies and Wicked Mike’s Ghosts.