The prospect of a turn-around for South Africa's economy took another hit with the appointment of Professor Chris Malikane as economic advisor to Finance Minister Malusi Gigaba.
The learned professor has advocated radical economic transformation by "the expropriation of white monopoly capitalist establishments such as banks, insurance companies [and] mines", including expropriation of land without compensation.
South Africa's economic landscape has become a breeding ground for voodoo economics - a potpourri of unrealistic and ill-advised economic policies. Malikane's voodooist proposal on economic transformation is a rehash of Hugo Chavez's socialist economic policies that catapulted Venezuela to the brink of complete economic collapse and political chaos.
The DA's MP David Maynier facetiously accused Malikane of being trained at the "Hugo Chavez School of Economics". Not according to Malikane's profile. But, their paths may have crossed as economic soul mates when Malikane received a Ph.D from the 129th ranked New School in New York. According to U.S. News & World College Rankings the best that can be said about the New School is small class size, and international student enrollments. A far cry from a ringing endorsement for academic excellence!
Chavez trashed Latin America's richest economy. Expect the same for South Africa if Malikane's proposal is implemented.
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