White Monopoly Capital is a term coined by members of the South African Communist Party (SACP) in 1975 to describe white-owned companies which had become monopolies and wielded enormous power over the country’s economy. Although it was initially used mainly by left-wing black nationalist groups, the term gained wider acceptance after being used in newspaper articles and public speeches by former South African president Thabo Mbeki during the 2000s (decade).
Introduction to white monopoly capital
White Monopoly Capital (WMC) refers to capitalism where the ownership of resources, companies and other institutions are concentrated within a small group of people. This group comprises European descendants who have been able to keep their wealth, power and privilege over generations through various methods such as racism, sexism and classism.
How to Tackle an Issue as Big as White Monopoly Capital
White Monopoly Capital (WMC) is the domination of the economy by a small, powerful group of white individuals and corporations. Archbishop Desmond Tutu coined the term, while being interviewed with journalist Trevor Ncube, said that white monopoly capital was the biggest obstacle to economic development in post-apartheid South Africa.
