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transformation agenda. It was carefully aligned with the aim of representation and was justified on the idea of the necessity to reassert political management over a probably recalcitrant bureaucracy, which, only some years earlier, had constituted a repressive state equipment. As per its name, the 2004 BB-BEE Act went past a slim preoccupation with ownership. Its implementing framework laid out a balanced scorecard that set targets for possession, administration control, skills improvement and help for subcontractors and other small and medium enterprises, and socioeconomic growth extra broadly. The expectation was that each financial sector would element a quasivoluntary sectoral constitution aligned with the framework specified by the legislation. The only enforcement mechanism was that to have entry to public procurement opportunities, companies would must be BEE compliant. A central pillar of this accelerated response was an effort to establish a system of rules within which to manage BEE expectations and pressures.forty four This effort had a number of notable milestones. In 1998, on the urging of the Black Management Forum, the government established a BEE Commission with the task of promoting “the formation of a black bourgeoisie which will itself be committed and contribute to black economic empowerment.”forty five The commission produced a ultimate report in 2003 and released an official strategy document, which led to the promulgation in 2004 of the Broad-based Black Economic Empowerment (BB-BEE) Act. Also, in 2002, the government passed the Mineral and Petroleum Resources Development Act , which required owners of “old-order” mineral rights to convert to “new-order” rights topic to situations of assembly BEE imperatives . Figure 2 illustrates how interactions amongst concepts, establishments, inequality, and development can feed on one another for good or sick. In the benign state of affairs on the left-hand side of the figure, ideas, institutions, and development all reinforce a virtuous spiral. Ideas supply hope, encouraging cooperation. Institutions present credibility that the bargains underpinning cooperation will be monitored and enforced. Together, concepts and establishments present credible dedication, fueling economic progress. However, as the proper-hand panel highlights, this benign scenario doesn’t reckon with the ways during which persistent unresolved tensions between the distribution of economic and
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