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Inclusive economic institutions, such as those in South Korea and the United States, are those that allow and encourage participation by the great mass of people in economic activities that make best use of their talents and skills and enable individuals to make the choices they wish.
To be inclusive economic institutions must feature secure private property, an unbiased system of law, and a provision of public services that provides a level playing field in which people can exchange and contract; it must also permit the entry of new businesses and allow people to choose their careers.
The authors go on to say: “Secure property rights are central, since only those with such rights will be willing to invest and increase productivity.” In the same way that inclusive institutions spur economic growth and prosperity, extractive institutions that “are structured to extract resources from the many by the few and that fail to protect property rights or provide incentives for economic activity” doom a country to perpetual poverty.
Understandable anger about the excessive inequality in South Africa lies at the heart of the rise of Economic Freedom Fighters (EFF).
The party is the most successful of the three splinters from the governing African National Congress (ANC) since 1994.
The others are the United Democratic Movement and the Congress of the People.The EFF made headway by engaging in aggressive rhetoric and proclaiming an African socialist revolution.The problem is not that the EFF’s analysis of South Africa’s problems is completely inaccurate – the party has a valid point about the necessity of free education, for example.The problem is how the EFF wants to address these issues and where it gets its economic policies from.In its founding manifesto the party outlines seven “nonnegotiable cardinal pillars”, which include building state capacity, the nationalisation of strategic sectors of the economy and the expropriation of land without compensation.The EFF’s local government election manifesto spells out this vision in more detail.