Paradigm Shift in Management Philosophy by Bharat S. Thakkar

Author:Bharat S. Thakkar
Language: eng
Format: epub
ISBN: 9783030297107
Publisher: Springer International Publishing

Conclusion

South Africa is still reeling from the blow of neo-liberalism in a game of constant catch-up. The strong coupling between politics and economic decision-making lies at the crux of the bias finance ecosystem in South Africa. The problem of currency devaluation is deeply rooted in current economic models, which are not evolving at the same rate as the technologies that are now defining global growth. While the obvious difference between the National Growth Plan (NGP) of 2010 and the current National Development Plan (NDP) of 2013 forecasted to run till 2030, is the substitution of the word growth, with the word development. Obliteration of the word growth from South African national economic policy does mean it exonerates the state from achieving growth in real terms for financial stability. Growth is vital to the livelihoods of those who are starving and vulnerable. However, there are limits to growth, necessitated by limited resources, and climate change. To close the ever-increasing gap between the rich and the impoverished, improved banking mechanisms including unbiased trust indicators, and the inclusion of digital currencies, amongst others are necessary. If the South African economy is to ever escape the long shadow cast by Apartheid, existing expertise should be employed in order to avoid the costs associated with steep learning curves, not only to meet the requirements of the digital revolution but to enjoy the fruits of its labor.

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