Here is something I wrote during the April general election – with a few minor edits. It is becoming increasingly relevant, as “the left” is backed into a corner and the Malema style populists seem to hold sway.

Bread and Circuses

Opinion polls indicate that the ruling African National Congress will shrug off five years of bitter leadership struggles and a sea of bad news to emerge from the election with a close to two-thirds majority.

But what it has cost for the ANC to turn the headwinds into tailwinds will be a hard price to pay.

The view divides neatly and sharply between the shorter term and the medium-to-longer term.

SHORT TERM

For some time South African political risk has been elevated due to a number of factors associated with the rise of a political faction around current ANC president and erstwhile country president, Jacob Zuma. The concerns have…