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Is South Africa heading for Apocalypse? Waves of retrenchments and social crisis.

Updated on April 09, 2021, In Defence of Marxism
Is South Africa heading for Apocalypse? Waves of retrenchments and social crisis.

The ANC government tried to get out of the crisis by expanding credit. Marx explained that credit can temporarily expand the market beyond its natural limits. But eventually, credit has to be paid back with interest. The capitalist policies of the government inflated demand by deregulating the financial markets, which encouraged unsecured lending. But since the crisis hit 10 years ago, this has led to a massive increase in debt. Consumer debt now stands at a staggering 19 trillion rand, with 72 percent of household income spent on servicing debt. More than 10 million people are in arrears on their debt.

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