HON. Members, as South Africans we must critically debate economic freedom. That is, by whose standards or measures. The annually released Index of Economic Freedom by the American research  and education institute,  measures the level of economic freedom across 186 countries in four fundamental areas; the rule of law, limited government, regulatory efficiency and open markets. HON Members, who measures the US

HON. Premier, developing countries are being strangled by being mis-measured by amorphous businesses termed rating agencies.

However, the role of labour holds equal economic significance, as a means to interact in the market system, but to be an economically ‘free’ society the values of property and labour rights must be maintained to the extent that government intervention is maximised, until eg. SA’s past exploitation is rectified. The West says, government intervention should be minimised which is simply protectionist, imperialist and mercantilist rules for developing countries.

The Index of Economic Freedom shows  possible trends between economic freedom and social wellbeing.

Therefore, I cite Stiglitz’s lecture entitled “Creating a Learning Society”, where the risks associated with pursuing certain economic freedoms were considered that is, the potential risks associated with a modern capitalist system based on individual empowerment and incentive.

Stiglitz emphasises removing  individual empowerment and moving towards a sharing framework,  as this sharing and learning enhances productivity and growth as opposed to any other factor whilst where people only generate innovation and knowledge on the basis of competitive advantage, we have a paradox of growth.

Consequently, our social wellbeing is being limited by our perception of these economic freedoms when we rely on the market by itself. To the DA, I am surprised that I live in SA and did not know that the Western Cape has economically liberated all its residents. HON. Speaker we need a special debate on this.

Thank You.

Shameen Thakur- Rajbansi

Minority Front  MPL KZN Legislature