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The document examines the negative impact of 'financialisation' in South Africa, where the growth of the financial sector has outpaced GDP and diverted funds from real investment. It proposes a series of interventions to shift bank lending, lower the cost of finance, stabilise volatile capital flows through controls and taxes, and reduce the corporate focus on shareholder value maximisation to stimulate GDP growth and employment.

The policy brief contends that South Africa's financial sector fails to fund productive investment in labour-intensive manufacturing because these sectors are high-risk and offer low short-term profits. It argues that existing DFIs, specifically the Industrial Development Corporation (IDC) and the Development Bank of Southern Africa (DBSA), are too small and constrained by commercial funding models to fulfill their developmental mandates. The author proposes recapitalising these institutions with public funds, providing a stable low-cost funding line, and establishing an export-import (EXIM) bank to compete with other emerging markets like China and Brazil. These measures are intended to support sectors such as capital equipment exports, automotive subcomponents, and textiles to drive job creation.

The policy brief argues that South Africa has experienced premature deindustrialisation, with manufacturing's GDP contribution falling from 21% in 1994 to 13% in 2016. To reverse this, the Institute for Economic Justice recommends strategic interventions in three key areas: the machinery and equipment sector through a regional SADC strategy to create approximately 270,000 total jobs; the fruit industry by addressing phytosanitary constraints and expanding high-value exports (e.g., avocados) to create 130,000 jobs by 2022; and the plastics conversion industry through the establishment of light manufacturing clusters and raw material price regulation to potentially add over 40,000 jobs by 2024.

The policy brief examines how South Africa can leverage agriculture and land reform for job creation. It highlights the current dominance of large-scale commercial farming and the failures of previous land reform efforts. The document proposes three scenarios for job growth, ranging from a modest 220,000 net jobs through commercial intensification to 1,263,000 net jobs if 60% of commercial farmland is redistributed to market-oriented smallholders. It concludes that while significant livelihood opportunities exist for smallholders, the potential for high-wage, secure employment in the sector is limited and depends heavily on state capacity and irrigation access.

The document argues that South Africa's wage inequality is among the highest globally and cannot be solved by voluntarism alone. It proposes strengthening Section 27 of the Employment Equity Act to mandate the disclosure and reduction of pay ratios, specifically suggesting a maximum ratio of 25:1 between the top 5% and bottom 5% of earners. The brief also recommends capping executive pay, linking state procurement and incentives to wage equity, and using the public sector as a model employer to flatten wage hierarchies.

The Institute for Economic Justice (IEJ) identifies four critical failures in South Africa's tax management: significant revenue shortfalls (approximately R50bn in 2018), the undermining of the South African Revenue Service (SARS) by corruption and state capture, a tax mix that under-taxes wealth and corporate income, and high levels of illicit financial flows. The brief proposes increasing Personal Income Tax (PIT) and Corporate Income Tax (CIT) rates, introducing a permanent net wealth tax (0.5%-2.5%), and expanding VAT zero-rating for 23 categories of essential goods to support low-income households. To recover lost revenue, the IEJ recommends revitalizing SARS through a Presidential Commission, reintroducing a special priority crime unit, and increasing transparency of corporate and offshore structures. These measures are intended to fund a fiscal stimulus, public employment guarantees, and social services to enhance job creation.

The Institute for Economic Justice (IEJ) contends that South Africa's reliance on microeconomic interventions and 'orthodox' macroeconomic policies—characterized by fiscal austerity and high interest rates—has failed to curb unemployment. The brief proposes a R500 billion fiscal stimulus and a fundamental shift in the South African Reserve Bank's (SARB) mandate to prioritize employment and growth over strict inflation targeting. It suggests various funding mechanisms for the stimulus, including increased taxation, moderate borrowing, and the use of over-capitalized pension funds. Additionally, it advocates for 'Quantitative Monetary Easing' (QME) to provide direct credit to productive sectors and the implementation of capital controls to stabilize the exchange rate and curb speculative capital flows.

The policy brief critiques the South African Reserve Bank's (SARB) focus on price stability, arguing that high interest rates and inflation targeting contribute to de-industrialisation and unemployment. It proposes replacing these tools with 'Real Quantitative Monetary Easing' (QME), the monetisation of debt, and Overt Monetary Financing (OMF) to support SMMEs and public infrastructure. The author advocates for a close working relationship between the SARB and National Treasury to de-financialise the economy and establish public banks to direct credit toward productive investment.

The document argues that while small and medium businesses are critical for formal employment in South Africa, the sector has remained stagnant or declined over the last decade. It critiques the National Development Plan's job creation targets as unrealistic and highlights a significant imbalance in government support, which heavily favors large businesses. The brief proposes a shift toward a 'national social compact' (Quadrant IV) involving economy-wide reforms, including tax incentives for startups, tenure reform in Traditional Authority Areas, telecommunications liberalisation, and the use of competition policy to open market access for small and black-owned businesses.

The Institute for Economic Justice (IEJ) argues that South Africa faces a structural unemployment crisis, with approximately 9.6 million unemployed as of June 2018 and a severe lack of social protection for adults. To address this, the IEJ proposes either a universal employment guarantee scheme (EGS) modeled after India's NREGA, guaranteeing 100 days of work per year, or a workseekers grant providing a flat monthly amount (suggested at R1000 for six months a year). Both options are estimated to cost between R30-36 billion per annum. The IEJ suggests financing these schemes through a R15 billion annual contribution from the Unemployment Insurance Fund (UIF) surplus, supplemented by solidarity taxes such as a wealth tax and restructured corporate income tax.

The document identifies systemic obstacles to local procurement in South Africa, including exclusionary tender specifications, inadequate tracking of imports, and weaknesses in BBBEE certification. It proposes that both public and private entities record the share of imports in their procurement, reform public sector budget processes to allow local producers to match import prices, and create a dti-managed fund to cover cost differences for local products that support industrial deepening and job creation.

The document argues that while the expansion of South African supermarket chains into the SADC region offers opportunities for local suppliers to enter regional value chains, this potential is currently hindered by high market concentration and the abuse of buyer power. It recommends the implementation of a regional code of conduct, the harmonisation of standards, and targeted supplier development programmes to reduce reliance on deep-sea imports and foster industrialisation in southern Africa.

The document argues that South Africa's informal economy, which employs 4.5 million people, is characterized by low incomes and poor security. It criticizes state-led repression and the narrow focus of micro-enterprise support, proposing instead a transition toward formalization through the implementation of ILO Recommendation 204. Key recommendations include amending the Labour Relations Act and Basic Conditions of Employment Act to recognize own-account workers as workers, enhancing labour inspectorate capacity, and providing basic infrastructure for those working in public spaces. The brief specifically highlights the need for inclusive policies in informal retail and waste recycling, suggesting that corporate responsibility and innovative financing, such as Extended Producer Responsibility levies, be leveraged to support these sectors.

The Institute for Economic Justice claims the Department of Labour has weakened the National Minimum Wage (NMW) Bill by sidelining social partner agreements and reducing the independence of the NMW commission. Key concerns include the lack of guaranteed annual increases, a weak medium-term target, and the subordination of the commission's budget and operational authority to the department.

The document argues that South Africa, the most unequal country in the world, is implementing unwarranted fiscal austerity that undermines the rights to health and education. It highlights that while the government justifies cuts through debt concerns, South African debt is moderate by international standards. The report identifies systemic failures including 'state capture', corruption costing R27 billion annually, and a regressive tax mix. It recommends progressive tax reform, such as wealth and corporate tax increases, and a human rights-based approach to fiscal policy to expand the resources available for social services.

The briefing argues that current global social protection is fragmented and rooted in colonial structures, with a stark divide between the comprehensive systems of the Global North and the exclusionary, low-value assistance in the Global South. It highlights that in countries like South Africa, social assistance is under attack through austerity and exclusionary digital modalities. The author contends that a global UBI is fiscally impossible under the current economic paradigm of wealth concentration and austerity, necessitating a shift in economic power relations. Proposed solutions include a global minimum tax above 15%, an 'extreme wealth line', and debt regulation for the Global South. The document identifies Brazil, South Korea, and South Africa as front-runners in national UBI agendas and suggests a holistic strategy combining UBI with living wages and universal public services to counter economic insecurity and rising right-wing populism.

The briefing note critiques the OECD's Two-Pillar solution for being undemocratic and providing minimal revenue benefits to developing countries, particularly in Africa. It advocates for a transition toward a UN-led international tax architecture that ensures equal participation for all states. The author urges South Africa, during its 2025 G20 Presidency, to build consensus for taxing the super-rich and to support the Africa Group's efforts within the UN process to curb illicit financial flows and tax avoidance.

This case study, written by Busisiwe Mgangxela of Bafo and Busi Organic Farming (Pty) Ltd, details the systemic challenges faced by small-scale farmers on the Hillview farm, a PLAS farm in East London. The account highlights severe mal-administration, corruption within the Department of Agriculture, Land Reform and Rural Development (DALRRD), and the failure of the state to provide necessary infrastructure and producer support.

The report presents survey results from 920 economics students and graduates across 85 countries, finding that a vast majority believe the discipline's reliance on neoclassical economics fails to prepare them for real-world crises. Key findings highlight a lack of teaching on alternatives to the price mechanism during pandemics, the absence of links between the economy and the environment, and a failure to address systemic racial and gender biases. The authors advocate for curriculum reform that incorporates other social sciences and diverse schools of thought to produce economists capable of addressing contemporary global challenges.

The document examines the failures of South Africa's industrial food system, characterized by corporate power, land inequality, and high greenhouse gas emissions. It advocates for a 'just transition' that prioritizes workers, small-scale farmers, and women over corporate profit. The author proposes a framework based on three goals: decent livelihoods, environmental sustainability through agro-ecology, and the right to food and nutrition. The text warns that 'green' transitions focusing only on production sustainability may reinforce existing inequalities if they ignore power dynamics and social justice.