A few years ago, when “white monopoly capital” was a buzzword, activist intellectual Bhekithemba Melusi Mbatha was categorical that: “Monopoly capital is not on the basis of colour.”

To this day, we still talk about white monopoly capital (WMC) as if it is the only form of monopoly capital. This is despite ANC policy guru Joel Netshitenzhe arguing that WMC “would not be an accurate description of reality.” Equally, there is no dispute about enormous “white” dominance in the economy...