Mr Cronje sees a parallel in the battle within the present-day ANC between those who favour market-friendly reforms and those who think more of the same state-led policies will somehow work.
If the House had failed to vote in favour, markets would likely have gone into freefall.
And companies wanting to invest abroad will favour markets that are expanding more rapidly.If GDP per head is nevertheless a superior measure of people's prosperity, why do governments not publish such figures each quarter along with their standard GDP figures?
However, it said its members' favour market-led consolidation, rather than the creation of a pan-European shared network — to help achieve a single telecoms market and "enable market players achieve scale and be more competitive".
Nonetheless, during the 1980s, when the ideological climate favoured market economics, considerable privatization was initiated, government economic intervention was reduced, and the welfare state was restructured.
The Austrian economist F.A. Hayek (1899 1992), who favoured market processes and was distrustful of state intervention, distinguished what he called "false" from "true" individualism.
A socialist as a young man, he now favours market forces, and it's not clear whether his politics are the child or the father of his science.
The suffocating, neoliberal orthodoxy – favouring market forces and tolerating state regulation only where absolutely necessary – caused the banking crisis, yet it has clung on, as if somehow it was not the very root of the problem all along.
On one hand, the efficiency hypothesis considers that globalisation imposes pressure on governments that favours market interests over social issues, thus reducing social expenditures.4 Kaufman and Segura-Ubiergo (2001) find that there is a negative impact of trade openness on the various types of social expenditure.
