Undermining Property Rights Has Never Worked And Will Not Work

Last week the South African President Cyril Ramaphosa addressed the nation and announced that the ANC would be pressing ahead with the policy of expropriation without compensation. This would mean changing the South African constitution to allow the confiscation of private property without monetary restitution (EWC). It wasn’t an entirely shock move by Ramaphosa, he had been making statements to this effect for some time now. In June he said:

One of those is to expropriate without compensation to unlock the wealth of this land, which has been held in few hands from the days of colonialism. That alone should be able to add an injection to the growth of our country.”

Readers of Imagine Athena will not need convincing that undermining property rights is a disastrous move by the ANC and augurs ill for the South African economy. It has never worked and there are numerous historical examples of how disastrous it can be. What is the definition of madness again? Read More…