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Crony capitalism is an economic system in which businesses thrive not as a result of free enterprise, but rather as a return on money amassed through collusion between a business class and the political class. This is often achieved by the manipulation of relationships with state power by business interests rather than unfettered competition in obtaining permits, government grants, tax breaks, or other forms of state intervention over resources where business interests exercise undue influence over the state's deployment of public goods, for example, mining concessions for primary commodities or contracts for public works. Money is then made not merely by making a profit in the market, but through profiteering by rent seeking using this monopoly or oligopoly. Entrepreneurship and innovative practices which seek to reward risk are stifled since the value-added is little by crony businesses, as hardly anything of significant value is created by them, with transactions taking the form of trading. Crony capitalism spills over into the government, the politics, and the media, when this nexus distorts the economy and affects society to an extent it corrupts public-serving economic, political, and social ideals.
Oligarchy is a form of power structure in which power rests with a small number of people. These people may or may not be distinguished by one or several characteristics, such as nobility, fame, wealth, education, corporate, religious, political, or military control.
Political corruption or Malpolitics is the use of powers by government officials or their network contacts for illegitimate private gain.
Kleptocracy is a government whose corrupt leaders (kleptocrats) use political power to appropriate the wealth of their nation, typically by embezzling or misappropriating government funds at the expense of the wider population. Thievocracy means literally the rule by thievery and is a term used synonymously to kleptocracy. One feature of political-based socioeconomic thievery is that there is often no public announcement explaining or apologizing for misappropriations, nor any legal charges or punishment levied against the offenders.
Cronyism is the practice of partiality in awarding jobs and other advantages to friends or trusted colleagues, especially in politics and between politicians and supportive organizations. For instance, this includes appointing "cronies" to positions of authority, regardless of their qualifications; this is in contrast to meritocracy, in which appointments are made purely on qualification.
Russian oligarchs are business oligarchs of the former Soviet republics who rapidly accumulated wealth during the era of Russian privatization in the aftermath of the dissolution of the Soviet Union in the 1990s. The failing Soviet state left the ownership of state assets contested, which allowed for informal deals with former USSR officials as a means to acquire state property. Historian Edward L. Keenan has drawn a comparison between the current Russian phenomenon of oligarchs and the system of powerful boyars which emerged in late-Medieval Muscovy.
Knowledge Malusi Nkanyezi Gigaba is a South African politician who served as Minister of Home Affairs of the Republic of South Africa appointed by President Cyril Ramaphosa from 27 February 2018 until his resignation on 13 November 2018. He also held the post from 25 May 2014 to 31 March 2017 as appointed by former President Jacob Zuma. He previously served as Deputy Minister of Home Affairs, Minister of Public Enterprises and Minister of Finance in the government of South Africa. He is currently a member of the National Executive Committee of the African National Congress.
General Siphiwe Nyanda is a former South African military commander and politician. He served as Chief of the South African National Defence Force from 1998 to 2005, Minister of Communications from 2009 to 2010 and appointment as a board member of Denel in May 2018.
A kakistocracy is a system of government that is run by the worst, least qualified, or most unscrupulous citizens. The word was coined as early as the seventeenth century.
Corruption in South Africa includes the private use of public resources, bribery and improper favoritism. The 2017 Transparency International Corruption Perceptions Index assigned South Africa an index of 43 out of 100, ranking South Africa 71 out of 180 countries. This ranking represents a downward trajectory with a drop of two points from 45. Countries with scores below 50 are believed to have serious corruption problems.
Julius Sello Malema is a South African politician and activist who is a Member of Parliament and the President and Commander-in-Chief of the Economic Freedom Fighters, a South African political party, which he founded in July 2013. He previously served as President of the African National Congress Youth League from 2008 to 2012. Malema was a member of the African National Congress (ANC) from the age of nine until his expulsion from the party in April 2012 at the age of thirty-one. He rose to prominence as a supporter of ANC president, and later President of South Africa, Jacob Zuma. He was described by both Zuma and the Premier of Limpopo Province, Cassel Mathale, as the "future leader" of South Africa. Less favourable portraits paint him as a "reckless populist" with the potential to destabilise South Africa and to spark racial conflict.
South Africa under apartheid was subjected to a variety of international boycotts, including on sporting contacts. There was some debate about whether the aim of the boycott was to end segregation in sport, or to end apartheid together.
Elite capture is a form of corruption whereby public resources are biased for the benefit of a few individuals of superior social status in detriment to the welfare of the larger population. Elites are groups of individuals who, because of self-ratifying factors such as social class, asset ownership, religious affiliations, political power, historic discrimination among social groups, political party affiliation, or economic position, have decision-making power in processes of public concern. This specific form of corruption occurs when elites use public funds, originally intended to be invested in services that benefit the larger population, to fund projects that would only benefit them. This form of corruption is differentiated from outright criminal corruption such as embezzlement, misappropriation, or other diversion of funds by a public official. Elite capture is related to information asymmetry, inefficient regulation or inefficient allocation of resources. This causes a siphoning of resources by elite middlemen through legal practices such as noncompetitive tender of contracts, excessive pricing and overcharging, which result in fewer and fewer proportion of a government project's budget being spent on the declared mission. This causes a biased distribution of a public good or a service, resulting a situation wherein certain segments of the population experience reduced access to these public goods. In this context, as long as there is elite capture, the welfare impact will not be Pareto Optimal nor equitable.
In politics, a mafia state is a state system where the government is tied with organized crime to the degree when government officials, the police, and/or military became a part of the criminal enterprise. According to US diplomats, the phrase "mafia state" was coined by Alexander Litvinenko.
National Small Industries Corporation Limited (NSIC) is a Mini Ratna government agency established by the Ministry of Micro, Small and Medium Enterprises, Government of India in 1955 It falls under Ministry of Micro, Small & Medium Enterprises of India. NSIC is the nodal office for several schemes of Ministry of MSME such as Performance & Credit Rating, Single Point Registration, MSME Databank, National SC ST Hub, etc.
State capture is a type of systemic political corruption in which private interests significantly influence a state's decision-making processes to their own advantage.
Sekunjalo Investment Holdings is a South Africa-based private equity firm specializing in acquisitions, PIPEs, and buyouts. It has principal operations in publishing, Internet, fishing, healthcare, pharmaceuticals, telecommunication, financial services, aquaculture, biotechnology, enterprise development, events management, travel. The company was founded by Iqbal Survé in 1996 with the aim of investing and assisting Black-owned businesses. In April 2015 all of Sekunjalo's investments except its 55% ownership in Independent Media SA was spun-off into a new company, still owned by Sekunjalo Investments, known as African Equity Empowerment Investments.
In the Democratic Republic of the Congo there is a significant community of Chinese migrants located in the capital of Kinshasa and the mineral rich southern Haut-Katanga Province. According to official figures from the Chinese embassy, there are 5,000 Chinese living in the DR Congo, though the actual number is believed to be far higher. More recent estimates vary from 5,000 to 50,000. The Mining industry of the Democratic Republic of the Congo is a main reason for Chinese people moving to the DRC.
Ghaleb Cachalia is a businessman and a Member of Parliament (MP) for the Democratic Alliance (DA). He is the son of anti-Apartheid activists Amina and Yusuf Cachalia, and a relative of former African National Congress (ANC) MP Ismail Cachalia.
Robert Gumede is a South African businessman and philanthropist. He is the founder of the IT firm Gijima Technologies and its holding company Gijima Group.
References
- ↑ Turton, A.R Hands with Billy [ permanent dead link ] Durban: Just Done Publications. 2010.
- ↑ "How Malema made his millions". The Star . 21 February 2010.
- ↑ Mahlangu, Dominic. Blade: Make all tenders public. Times LIVE. 6 January 2010.
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