The Zuma moment: between tender-based capitalists and radical economic transformation

The Jacob Zuma Presidency (2009–2017) was dogged by persistent allegations of corruption and the looting of State Owned Enterprises (SOE’s) by those allied to him. It led to allegations of state capture that placed the Gupta family at the centre of this project. These allegations have been highly contested, with Zuma supporters arguing that he has come under attack because of his support for the BRICS alliance (Brazil, Russia, India, China, South Africa), which they hold challenges Western imperial interests. Alongside this are those aligned to the Gupta family, arguing that the real culprits of state capture, both historically and in contemporary South Africa, is White Monopoly Capital (WMC), through its ability to determine macro-economic policy. At the heart of this contest is what has come to be known as tender-based capitalists who sought to use access to SOE’s for the accumulation of capital. This process has been defended on the basis that it has the potential to lead a radical economic transformation (RET) that that can challenge the power of WMC. Others have held that this argument is a mere fig leaf for the looting of state coffers, eroding its capacity for deeper developmental initiatives and fostering a parasitic class. This article that focusses on this debate that entered the heart of the African National Congress (ANC) and threatened to tear it apart takes the form of a conjunctural analysis; conjuncture defined as an amalgam ‘of circumstances, a convergence of events, an intersection of contingencies and necessities, a complex, overdetermined state of affairs-usually producing a crisis, leading to breaking point, driving to historic crossroads’ (Mowitt 2015, 125).