This could well be the most apt one-word summary of government’s approach to the South African economy – a dislike of what is new or represents change. How else can one explain government clinging to State-owned enterprises (SOEs) and its “I think I can, I think I can” mantra. This is, of course, from the 1902 American fairy tale, Little Engine that Could, which served to teach children the value of optimism and hard work. In South Africa’s instance, ‘optimism’ should more aptly be ‘blind optimism’ and ‘hard talk’ rather than ‘hard work’. If anything, a sobering dose of realism should be prescribed.

The approach is all too reminiscent of Linus van Pelt. Just in case you need reminding, he is not a famed economist, but a fictional character in Charles M Schulz’s comic strip, Peanuts. Linus is renowned for sucking his thumb and holding on to his blanket. It is not an ordinary blanket for Linus – it is a security blanket serving as a source of reassurance or support or a sense of security. As any psychiatrist would tell you, Linus’ view of the world begins with his blanket, serving as his ‘go to’ in difficult times.

With respect to SOEs, about which I have written quite often of late, government would be well advised to heed the lyrics of Don Schlitz’s 1976 song, The Gambler, popularised by Kenny Rogers: “You’ve got to know when to hold ’em, Know when to fold ’em, Know when to walk away, And know when to run.” The chips are down – in other words, the pressure is on, the situation is both urgent and critical. It is time to leave behind the South Africa that was for the South Africa that the country needs to be. It is time for radical economic transformation (RET). This concept originated from the African National Congress’s national conference, which took place from December 16 to 20, 2017, nearly two-and-a-half years ago. What has happened since? A lot of hard talk.

According to an article that was published in Monthly Review – An Independent Socialist Magazine on September 1, 2018, which was titled ‘South Africa’s Radical Economic Transformation’, the RET Plan of 2017 “lays out a long list of initiatives as critical to South Africa’s economic transformation: reigniting growth by encouraging an investment pact between government, business and labour; rooting out corruption; avoiding credit downgrades; regulating uncompetitive behaviour by corporations; accelerating land redistribution by, among other measures, expropriation without compensation, while at the same time ensuring food security; improving the governance and management of SOEs, and using them to catalyse growth; addressing the pay gap between company executives and workers and implementing the minimum wage; nationalising the South African Reserve Bank; transforming financial institutions such as banks, to make development finance more widely available; fast-tracking the establishment of a State bank; setting up a sovereign wealth fund; strengthening black economic empowerment through preferential procurement for black companies; and supporting small businesses in general”.

There are 12 initiatives in total. How many of these have progressed past the conception stage? And how many have been turned into reality through hard work?

Ronald Reagan, the fortieth President of the US, once said that the scariest words in the English language are: “I’m from the government and I’m here to help.” I contend that, in South Africa’s instance, arguably the scariest words are: “We are improving the governance and management of SOEs and intend using them to catalyse growth.”

South Africa is not in need of new thoughts concerning economic transformation; it needs the definitive implementation of economic transformation. The idiom ‘out with the old, in with the new’ is said to have become a part of the vernacular in 1976. Reminiscent of anything? Think June 16.