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Prof Raymond Parsons is the author of Good Capitalism, Bad Capitalism: The Role of Business in South Africa.
Book makes valuable contribution
Former Finance Minister Trevor Manuel, who was the guest speaker at the book launch in Johannesburg, remarked: “We have lived through a decade in which people have been able to act with impunity, without consequences. We need to re-energise the concept of consequences when dealing with bad practices and habits.”
However, the root cause of many of South Africa’s problems – which, it can be argued, has found fertile ground in the capitalist system ‒ cannot be ignored. “Capitalism has given us wealth beyond measure, but it has taken away the chief benefit of wealth, and that is the concept of having enough.”
He added that, irrespective of people’s specific views on the merits or evils of capitalism and how South Africa’s socio-economic recovery should play out, the book makes a valuable contribution in that it stimulates very necessary debate about “who we are, what we must do and what the solution is for South Africa”.
New book explores the role of business in South Africa
With President Ramaphosa promising a ‘new dawn’, many people are cautiously optimistic about the prospects of an economic turnaround in the country. However, it is important to remember the past, to which most of South Africa’s challenges these days can be traced.
The above is a recurring theme in the new book, Good Capitalism, Bad Capitalism: The Role of Business in South Africa. Prominent NWU economist, Prof Raymond Parsons, co-wrote the book with Ali Parry, director of the company Trade Matters (Pty) Ltd.
The book was first launched in Johannesburg on 29 May 2018 when former Finance Minister Trevor Manuel was the guest speaker, and then again on 5 June at the NWU Business School in Potchefstroom, with Prof Dan Kgwadi, vice-chancellor, as guest speaker.
Business should help bring about “new dawn”
Good Capitalism,Bad Capitalism is a thought-provoking read that aims to give businesses direction against the backdrop of several decades of politico-economic changes and challenges in the country. The book stresses that the business sector has a pivotal role to play in shaping the national agenda and helping to bring about President Cyril Ramaphosa’s promised “new dawn”.
According to Raymond, what South Africa especially needs at this time is a responsible and accountable democracy that goes hand in hand with an energetic and accountable private sector, or so-called capitalist system.
“We have reached a critical point in our complex history, with a rapidly evolving political landscape that offers renewed hope to many.”“Yet entrenched socio-economic problems, if not now seriously addressed, will continue to keep the country performing well below its potential and society as a whole deeply divided.”
“Capitalism is under pressure in South Africa,” he continued. “There are negative perceptions about it – understandably so, given the many financial scandals that have come to light in the public and private sectors.”
According to Raymond, it is also capitalism that provides opportunities for entrepreneurship, innovation, healthy competition and inclusive growth. For “good” capitalism to take root and deliver the kind of results that people are anxiously awaiting, there must be widespread institutional capacity, good governance and investment-friendly, implementable policies.
Learn from the past
The book extracts lessons from the past in proposing a way forward for South Africa. “All too often leaders turn a blind eye to history, with the result that history sometimes repeats itself in cruel ways. South Africa needs to take a balanced view of its recent and more distant past and arrive at well-informed choices in terms of how to make a fresh start under the Ramaphosa administration,” Raymond says.
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With Prof Raymond Parsons at the launch of Good Capitalism, Bad Capitalism: The Role of Business in South Africa in Potchefstroom are Prof Dan Kgwadi, vice-chancellor and Ali Parry, co-author. Raymond is a well-known face on television and in the press and is also a prolific writer. This is his sixth book, which has also been peer-reviewed.
Vice-chancellor commends author
At the book launch in Potchefstroom, Prof Dan Kgwadi, NWU vice-chancellor, said that through Prof Parsons’ scholarship, regular media presence and ongoing engagement with the business community, he has gone a long way towards keeping the university “on the map”.