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This is a set of ten principals which are thought by many economists throughout the western world to encompass economic reform and best practice for achieving economic growth within a capitalist system. The ten principals are:
<ol style="text-align: justify;">
<li>Fiscal policy discipline, with avoidance of large fiscal deficits relative to GDP;</li>
<li>Redirection of public spending from subsidies ("especially indiscriminate subsidies") toward broad-based provision of key pro-growth, pro-poor services like primary education, primary health care and infrastructure investment;</li>
<li>Tax Reform, broadening the tax base and adopting moderate marginal tax rates;</li>
<li>Interest rates that are market determined and positive (but moderate) in real terms;</li>
<li>Competitive exchange rates;</li>
<li>Trade liberalisation: liberalisation of imports, with particular emphasis on elimination of quantitative restrictions (licensing, etc.); any trade protection to be provided by low and relatively uniform tariffs;</li>
<li>Liberalisation of inward foreign direct investment (FDI);</li>
<li>Privatisation of state enterprises;</li>
<li>Deregulation: abolition of regulations that impede market entry or restrict competition, except for those justified on safety, environmental and consumer protection grounds, and prudential oversight of financial institutions;</li>
<li>Legal security for property rights.</li>
</ol>
It is clear that, while South Africa has had notable success in implementing some of these principals, others have been disastrously ignored to the cost of all South Africans. Looking at the principals in order we find that: (1) South Africa is making an effort to implement fiscal discipline by reducing the size of the government debt, but (2) the government still pays out substantial subsidies while falling short on the provision of primary health care, education and infrastructure development. (3) Efforts are definitely being made to broaden the tax base and make it more effective. (4) Interest rates are certainly market determined, real and moderate. (5) The rand is traded freely in a liquid competitive market. (6) There is trade liberalisation but a disturbing tendency to try to protect certain industries from competitive imports (such as the chicken industry, the cement industry or the steel industry). (7) Every effort is being made to encourage FDI and President Ramaphosa has made this a key objective of his administration with some success. (8) There is some indication that privatisation of state-owned enterprises may be allowed and perhaps even encouraged (SAA is an isolated example), but this reform has generally been against ANC policy since the ANC got into power in 1994. (9) Regulation in South Africa has proliferated and become a major impediment to the growth of job creation. The BEE regulations and labour legislation in particular have functioned as a major drag on the economy, discouraging businesses from employing. (10) The question of property rights is a political "hot potato" in this country with the rapid spread of "informal settlements" and the efforts to allow expropriation without compensation. Clearly, these interferences with property rights have discouraged FDI and are generally counter-productive to the growth of the economy. 
We believe that the ANC should adopt and move towards all ten reform principals of the Washington Consensus - and that, if they did, the result would be rapid growth of the economy and a sharp reduction in unemployment and poverty in this country.

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