By Alec Hogg
I’m a great fan of the late Scott Peck, author of life-changing The Road Less Travelled. Peck encapsulated much about modernity when he wrote: “Life is complex. Each one of us must make his own path through life. There are no self-help manuals, no formulas, no easy answers. The right road for one is the wrong road for another.”
On the other hand, we are able to ease our paths by learning from experiences of others. Right now, I’m praying South Africa’s leaders are doing just that. This country has been sliding down global rankings for too long. South Africa’s debt is a single notch above junk; its economic growth pedestrian; and massive social obligations have been contracted. We’ve run out of the luxury of more self inflicted wounds.
From here on, every politically-motivated decision has to be weighed against the reality of its economic impact. Because without growth, without economic flexibility, there can be no prosperity. Italy, zero GDP growth for two decades and a consequent trebling of its national debt, is an example no nation would like to follow. Italians have finally realised inflexible labour legislation kills economic growth. Under a freshly installed young Prime Minister, they are finally dismantling their well-intentioned but disastrous legislation. Hopefully SA looks, learns and acts to avoid the Italian fate.
Yesterday’s top read stories at Biznews.com
Breaking: Top Billing presenter Simba Mhere killed
Lucy Kellaway: How to deal with Silent Treatment on email. And avoid going mad.
Hello Eskom – Cut-price German power plants available, shipping included
Raging Bulls: Full results – SA’s best unit trusts
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