Skepticism of Large Corporations in South Africa in Wake of Global Financial Crisis
The South Africa Civil Society News Service (SACSIS… cites a recently published report by the World Economic Forum… based on a survey of 130 000 people, mostly under the age of 30 in ten countries,. A significant two-thirds held the view that the global financial crisis came about as a result of a deficit in ethics and values within the economy. For South African respondents, a significant 77% believed this to be the case.
Globally, less than a quarter believe that large multinational businesses apply a ‘values driven’ approach to their businesses and South African respondents reflected this perspective with only 20% rating multinationals positively on this issue. At the same time, most believe that people do not apply the same values to their professional and private lives. For South Africa, 72% of respondents believed this to be the case. Thus, highlighting a problem of moral duplicity between private and economic actions globally, and quite significantly in South Africa.
Implications from IFTF:
The global financial crisis has created skepticism of large corporations, particularly in South Africa. This may lead to skepticism that a free market-driven economic infrastructure will bring prosperity to the region. According to MPSAN, “South Africa’s economic development minister, Ebrahim Patel, has appointed a remarkable, sophisticated and according to some analysts a ‘left-leaning advisory panel.’”
However, before declaring this part of a trend, one should note the general lack of cohesion in South African government, as explained in ,a href="http://rfsearchlight.clearsignals.org/node/379">this signal.
Sources:Millennium Project South Africa Node March 2010, pages 3-4