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Vol 37 No 16

Published 2nd August 1996

South Africa

Changing gear slowly

The ANC's new capitalist faith is announced in a smart brochure: bankers question the figures while unions question the policies

Unveiled in the swish French resort of Cannes, launched in London as part of President Nelson Mandela's quasi-regal tour, the new economic policy of the African National Congress is revealed not in a traditional manifesto but in a sleek, slim booklet. Its fashionable title, 'GEAR', stands for 'Growth, Employment and Redistribution' and its intended audience consists of foreign businessmen. The ANC's allies in the Congress of South African Trade Unions kept quiet at first, until reports emerged from a South African Communist Party workshop that Cosatu's General Secretary, Sam Shilowa, had angrily dismissed it as unworkable.

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