By Kuthula Matshazi
Neoliberalism has always championed the centrality of the private sector in driving the economy because of the belief that it is best placed to create wealth and improve the welfare of people. Through this system, we were told how economies would grow and create wealth. Yes, indeed spectacular wealth creation has happened! Most people around the world caught up to this new craze of creating wealth out of anything. The age of human ingenuity was upon us! The bountiful earthly resources were standing ready to be exploited and turned into wealth.
The technology was there to assist us exploit all these resources. As a result, since the ascendance of neoliberalism, we have seen a spectacular amount of wealth creation more than at any other time in the history of mankind. Side by side with this extraordinary wealth creation we saw the role of government in the economy reduced. It was neoliberal doctrine and a sacred one too, that government should have little role to play in directing the economy as it was the private sector who could do that more effectively and efficiently. More...
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