Black Economic Empowerment in South Africa
A decade has passed since President Thabo Mbeki’s consent to the Broad-based Black Economic Empowerment Act (53 of 2003). Also known as BBBEE, or simply BEE (if the prefix ‘Broad-based’ is dropped), the act has recently been amended and is set to be applied much more comprehensively from 2014 onward. As wonderful as ‘empowerment’ may sound, BEE comes with dire consequences for holders of property rights and for the overall South African economy. Moreover, the act is ironic because, despite its name, it is patently harmful to the vast majority of black South Africans.
