Theoretical perspectives and the implementation of the BBBEE policy framework

The purpose of the paper is to provide a critique on the implementation of the Broad-based economic empowerment (BBBEE) policy framework against established theory. The critique is introduced by highlighting a brief background of the BBBEE policy framework. The first part of the paper employs theories on equality and social justice as lenses through which to look at the BBBEE policy framework. The second part of the paper considers the policy implementation literature to assess the implementation of BBBEE policy. Next, the theoretical perspectives on the self-regulatory power of the market are analysed against the BBBEE policy background. Finally, the paper questions the assertion by the South African government that it is a developmental state in view of its stance on the policy. The theories considered persuasively point to silliness of government to leave the matters of social justice and equality in the hands of the insensitive market. The paper concludes that the government cannot rely on the self-regulatory power of the market to implement what is essentially the most important economic transformation programme since 1994. In view of the aforegoing, the paper makes recommendations to the policy makers.