Concept of ‘white monopoly capital’ rejected by majority at ANC policy conference

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 remains as it is but the party cannot deny white dominance in the economy‚ in the context of assets‚ income‚ professions as well as other privileges the democratic government 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 balances of forces in support of monopoly capital came from Limpopo‚ Western Cape‚ Northern Cape‚ the Western Cape‚ Northern Cape‚ Mpumalanga and Gauteng.

They argued that Monopoly Capital was hindering the socio-economic transformation of the country‚ particularly on the basis of class‚ race and gender.

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

"We cannot run away that there is white dominance in the economy. We reaffirmed the Polokwane conference 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‚" Netshitenzhe said. The issue would continue to be ventilated by branches of the ANC before it's formally adopted as the governing party's policy at the national conference due in December.

A few moments before the Netshitenzhe's briefing‚ the issue was debated in a closed plenary session where the drama continued.

A delegate from KwaZulu-Natal argued that the commission report back did not articulate the popular sentiment in commissions. ANC KwaZulu-Natal chairperson Sihle Zikalala told the plenary that their submission was that there was a racial domination in all spheres of life‚ in particular the economy.

According to insiders‚ arts and culture minister Nathi Mtethwa proposed to plenary that conference should accept white monopoly capital as spelled out in the Strategy and Tactics document. “He said there was no denial that in South Africa you have White monopoly capital dominating‚” the source said.

The source said another delegate urged people to hold their horses‚ pointing out that resolutions of the policy conference were not final and branches would continue discussing them ahead of the national conference in December where they would be finalised.

ANC head of policy Jeff Radebe was also heckled when he tried to clarify issues and ANC KZN spokesperson Mdumiseni Ntuli had to call for order.

- TimesLIVE