An Opinion published in The Star on 22 February 2023 on page 11

 Prioritise Load Shedding and Unemployment

Karl Marx, in his book Capital Vol 1, published in 1866, predicted the economic challenges we are experiencing.

Marx implied, in his book that non-renewables, such as fossil fuels, would become insufficient to meet the demand of the growing population. Also, that it would lead to nations dominating other nations to expand their non-renewables. This was at a time when people failed to realize that non-renewables would be scarce.

Here, at home, we are seeing fossil fuels are needed as Eskom is unable to meet our demand for electricity, causing loadshedding. The embargoes by the US on other states, such as Russia for invading Ukraine, make the situation even worse.

Marx also predicted that the constant drive towards profit would inevitably lead to job losses, thereby increasing unemployment. Contrary to what others think - that entrepreneurs create jobs - it is a given that they seek to maximise profit and only after maximising profit are they able to employ workers, with the intention of making more profit and expanding. In this case also, the land is not infinite.

At some point, they become precarious and impossible for their enterprises to grow further. Because they want to keep their profits, they will be pressured to retrench, shrink the job market and increase unemployment. It is the state's task to intervene and protect job seekers and workers.

Unfortunately, Marx did not provide solutions, but the president's announcement, in his State of the Nation Address, to open the way for renewable energies such as hydro, solar and wind power is welcomed. 

It is in the hands of the Minister of Finance to table ingenuous plans to tackle increasing unemployment.