Controversies about capitalism and apartheid in South Africa: an economic perspective

The controversy about the relationship between apartheid and capitalism is reviewed from an economic perspective. On the methodological side it is argued that different understandings of wage determination and of the distinction between the interests of capital and capitalism, have been a source of confusion. The old 'liberal‐radical' debate was concerned with the clash between neo‐classical and revisionist Marxist economic ideas to the detriment of alternative economic perspectives. Over the past decade, however, social‐democratic ideas have become more popular and represent a potential middle ground between the old extremes.