A few months ago, author William Gumede described Zuma as someone with a narcissistic personality disorder — a set of traits defined by Austrian psychoanalyst Heinz Kohut as “including an exaggerated sense of superiority, a lack of self-awareness about the impact of their behaviour and having a disdain for others, who they devalue to validate their own grandiosity”. These people lack empathy, have a distorted sense of reality and are incapable of seeing anything from anyone else’s perspective. Narcissists like Zuma, Gumede argues, can’t accept responsibility and don’t care if they take down entire countries with them. The events at Nkandla, sadly for Zuma, only reinforced that perspective.
The money and ingenuity looking for a long term home – i.e. capital that is prepared to set up bricks and mortar and businesses with global reputations to uphold – is going to be particularly cautious about deals like this one because: It exposes Black Economic Empowerment to be nothing more than a mechanism to bribe the political class – rather than what it was promised to be: a mechanism to spread the benefits of capitalism to the previously denied and disadvantaged; It acts as a massive drain on the productive employment of capital i.e. it adds so much extra costs to the normal costs of conducting whatever business you are in that the benefits of being in South Africa, as opposed to anywhere else, disappear; The kind of “money and ingenuity” that you get when your market presents such long term risks are short term specialists – the ones who make a living out of basket cases and are used to dealing with them – with their bribes and coups and political meddling. – Nic Borain on the ArcelorMittal /Imperial Crown Trading dealBACK TO TOP