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Bond, Patrick (2004) From Racial to Class Apartheid South Africa’s Frustrating Decade of Freedom. Monthly Review : 1-15.

The end of the apartheid regime was a great human achievement. Yet
the 1994 election of an African National Congress (ANC) majority—with
Nelson Mandela as the new president—did not alter the enormous structural
gap in wealth between the majority black and minority white populations.
Indeed, it set in motion neoliberal policies that exacerbated
class, race, and gender inequality. To promote a peaceful transition, the
agreement negotiated between the racist white regime and the ANC
allowed whites to keep the best land, the mines, manufacturing plants,
and financial institutions. There were only two basic paths that the ANC
could follow. One was to mobilize the people and all their enthusiasm,
energy, and hard work, use a larger share of the economic surplus
(through state-directed investments and higher taxes), and stop the flow
of capital abroad, including the repayment of illegitimate apartheid-era
debt. The other was to adopt a neoliberal capitalist path, with a small
reform here or there, while posturing as if social democracy was on the

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