ANC Billionaires: Big Capital and the Rise of the Elite

Flashcards based on Pieter du Toit's account of the political and economic transition in South Africa, targeting key terms, organisations, and figures.

United Democratic Front (UDF)

An organisation established in $1983$ consisting of a range of local, community-based organisations to resist apartheid.

Tricameral parliamentary system

A system introduced in $1984$ that included coloured and Indian representation but excluded black representation.

Rubicon speech

A combative address by PW Botha in $1985$ that failed to announce expected reforms, leading to international banks calling in South African loans.

Lusaka meeting ($1985$)

An encounter where a business delegation under Anglo American's Gavin Relly met Oliver Tambo and the ANC in Zambia.

"High road, low road" scenarios

Strategic future paths for South Africa developed by Clem Sunter and an Anglo American team in $1986$ to encourage negotiated compromise.

Consultative Business Movement (CBM)

A movement established in $1988$ to facilitate contact between business leaders and Mass Democratic Movement (MDM) leaders.

Codesa (Convention for a Democratic South Africa)

A forum for constitutional negotiations first held at the World Trade Centre in Kempton Park in December $1991$.

Reconstruction and Development Programme (RDP)

The ANC’s initial broad policy and economic framework introduced in $1994$ with a focus on meeting basic needs like housing and water.

Growth, Employment and Redistribution (GEAR)

A macroeconomic strategy adopted by the South African government in $1996$ focusing on fiscal prudence and market-led growth.

Black Economic Empowerment (BEE)

Legislation and policy aimed at increasing black ownership in the economy, for which Cyril Ramaphosa chaired a commission in $1998$.

African Rainbow Minerals (ARM)

A mining company established by Patrice Motsepe in $1997$ that initially took ownership of seven AngloGold shafts.

Brenthurst Group

Meetings between big capital and the ANC leadership that began in $1990$ at the Oppenheimer family estate.

Freedom Charter

A document adopted in $1955$ by the Congress Alliance that advocated for the nationalisation of mines, banks, and monopoly industries.

Thebe Investment Corporation

A black-owned firm established in $1992$ with the support of the ANC, intended to generate communal wealth.

Batho Batho Trust

The majority shareholder of Thebe Investment Corporation, established by leaders like Nelson Mandela and Walter Sisulu to support the ANC.

Johannesburg Consolidated Investments (JCI)

A mining house founded in $1889$ that became a focus of significant empowerment deals in the late $1990s$ involving Mzi Khumalo.

New Africa Investments Limited (NAIL)

An early black empowerment company established by Nthato Motlana that concluded a significant deal with Sanlam in $1993$.

NET open forward position

A financial status where the SARB used reserves to defend the rand, which the new government resolved in the $1990s$ after it reached $25$ to $27$ billion dollars.

Davos (World Economic Forum)

Where Nelson Mandela visited in $1992$ and was persuaded by international leaders to shift away from nationalisation policies.

African Rainbow Capital (ARC)

A finance and investment house established by Patrice Motsepe in $2016$ that focuses on diverse, market-competitive investments.