Abstracts

20 Introduction After the fall of the apartheid regime in 1994, the newly elected African National Congress (ANC) was tasked with the responsibility of remedying the pervasive race-based inequality within South Africa. The government committed itself to reversing a long history of systematic discrimination and segregation aimed at the majority nonwhite population. Although apartheid officially began in 1948, South Africa had been entrenched in racial disparity dating back to Dutch colonization in the 1600s. The postapartheid equality goal is a tremendous commitment undertaken by the South African people; it will require years of dedication and transformation at every level of society. Consequently, the government has set out to elicit change in economic, political, and sociocultural spheres through the installation of diversified transformation agendas and policy changes. With the birth of a new postapartheid South Africa, the idea of black economic empowerment, often referred to as BEE, came to the fore. BEE seeks to promote economic growth through the economic inclusion and empowerment of the victims of apartheid. The goals of BEE are carried out through a litany of policies and programs instituted by the South African government. Despite the policies in place and the desire for change among South Africans, the BEE framework has failed to provide ample opportunity and transformation within the economy. This article analyzes the 2013 Broad-Based Black Economic Empowerment (BBBEE) Act to ascertain shortcomings in governance as well as opportunities for improvement in education, entrepreneurship, and women’s empowerment. The History of Black Economic Empowerment The implementation of apartheid in 1948 resulted in systematic discrimination and THE EFFICACY OF SOUTH AFRICA’S BROAD-BASED BLACK ECONOMIC EMPOWERMENT POLICY Rachel Buonasora Twenty-five years after the end of apartheid, South Africa remains one of the world’s most unequal countries. Broad-Based Black Economic Empowerment is one policy by which the government has sought to reduce inequality by promoting black involvement and ownership in the economy. This article discusses the efficacy of that policy as it relates to governance and needed improvements in education, entrepreneurship, and women’s empowerment. Perspectives on Business and Economics, Vol. 38, 2020