example. Eighteen out of the 33 (54%) editorials analysed from the Business Days reporting on the Budget speech from 2011 to 2014 carried this theme in their view of South Africa’s economy. The following graphic representation shows how most of the 33 analysed reports from the Business Day newspaper were biased in favour of South Africa reassuring rating agencies while ensuring that conditions are in place to facilitate growth:
Figure 1
When looking at the above results [Fig 1], there are several implications about the way in which the Business Day relies on information from global rating agencies in relation to the private sector also reflecting its ideological inclinations about the South African economy. In other words, this paper finds that the Business Day with its technocratic, factual reporting supported by statistics and results from international rating agencies means that the paper extends international views and more specifically one that relays information about the ways in which South Africa should conduct itself. For example, with regards to 55% of editorials that reiterate that South Africa’s performance risks ‘another rating downgrade’, this leaves little room for the editorials to address how other sectors like civil society for example can transform and play a more effective role in addressing issues and concerns raised about the economy.
Moreover, this paper finds that newspapers like the Business Day do play a role informing policy makers, society and more specifically the middle-class audience they represent. However, they do little to transform the economic debate and only continue to reproduce age- old understandings about the ‘growth’ of the economy. This paper finds that the Business Day [and it is no surprise] in embracing neo-liberal sentiments, has a narrow ideological view of macro-economic policy which could have negative implications for future policy making and opening up the conversation for other ways of understanding the South African economy.
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In other words, the obsession with global credit rating agencies means the paper cannot, and when considering the results of the editorials, it will not seek to understand the local economy from local perspectives. In light of this, this paper argues that having a more inward-focus taking into consideration other domestic issues has the potential to influence the course of policy making to a more inclusive application of economic reformation, for a better and truer reflection of the South African economy. It remains clear [as seen with 55% of the articles] that the Business Day only perpetuates global views about an economy South Africa is part of and how the private sector can be retained, instead of taking a more balanced approach and discussing, especially in writing their editorials, how the global economy can also work for South Africa, not only financially but socially, perhaps proposing a more socially accountable economic framework.
This research also argues that the emphasis placed on the important views of rating agencies also reflects local business sentiments and concerns because of the ways in which budget speeches, in the greater scope of understanding seeks to reassure business. With regards to views concerning the importance of the private sector, the editorials over 2011 to 2014 stated that:
“Instead of bitterly complaining about a private sector ‘investment strike’, the government needs to move towards more public-private partnerships which leverage private sector balance sheets to grow infrastructure”13, “bring in urgently required capital, but should stimulate confidence in the beleaguered private sector”14, the “cost of capital and spook”15and to “reinforce investor confidence” as well as the need for “expansive monetary stimulus”16.
With reference to the kinds of ideas that are reiterated through the use of these arguments that reflect a neo-liberal trajectory and policy formation, hegemonic ideas about how to best solve the issues of South Africa’s economy become dominant and accepted even by these editorials (and possibly by the readers). In using the neo-Gramscian understanding of social forces which asserts that these are factors which have the capabilities of transforming or even
13 (no author) (2014) “Editorial: Nene needs to announce bold actions” reported on 22 October 2014 14 (no author) (2014) “Editorial: Nene not set to be Mr Popular” reported on 22 October 2014 15Pickworth, E (2014) “Editorial: ‘do no harm’ is not enough” reported on 26 February 2014 16 (no author) (2011) “Editorial: It’s the economy, Mr President” reported 21 October 2011
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changing the forms of state and world order, this paper argues that the Business Day-as part of the print media complex-is a social force which has created a historic bloc of ideas which has shaped the ways in which the South African economy is understood. This means that the newspapers’ editorials perpetuate an understanding of South Africa’s place in globalisation as financialised, while it is also understood as a project for accumulation and growth. This unpacks a deeper understanding of social forces that have played a significant role in the formation of this historic bloc or a particular state, in this case, the South African state.
This paper also found that there was constant emphasis to ‘growth’, ‘driving growth’, ‘striving towards’ and ‘stimulating growth’:
“the host of other measures introduced to the budget to stimulate growth and start making inroads into unemployment”17, “the extra funds will come primarily from higher taxes or more rapid economic growth”18, “Finance Minister Pravin Gordhan will address the apparent contradictions between the government's emphasis on the developmental state and economic growth as a means of creating jobs, and its actions in the real world”19 which is used as a way of validating how South Africa should continue to move towards consolidating this model of accumulation.
What is interesting is that the idea of ‘growth’ and ‘accumulation’ leaves out many actors such as civil society, women, youth [in which the African continent has the largest population of] as well as people on the margins of society. Although it reports on the youth wage subsidy for example which is a proposal by government to try and decrease youth unemployment, voices of what the ‘youth’ is [which has been grouped as a homogenous entity] lack in the Business Day reports to get a view of how it affects the youth directly. This study, however, argues that the ways in which views about growth have been naturalised does not bring into question how much growth is required until a state is considered to have growth or should no longer grow.
17(no author) (2012) “Editorial: Credible bid to walk growth path” reported on 6 August 2012 18 (no author) (2013) “Editorial: focus must fall on the real economy” reported on 28 February 2013 19(no author) (2011) “Editorial: no relief in sight for tax payers” reported 6 August 2012
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In other words, this paper questions the discourses around the idea very of what is meant by ‘growth’ which is another concept perpetuated about South Africa’s progress against more developed nations. Some of these discourses include idea’s geared around Gross Domestic Product [GDP] “the real essence of the statement is the government's estimates of gross domestic product (GDP) growth over the next few years, the number on which everything else hinges”20. For example, when taking into consideration the understanding of Gross Domestic Product [GDP] which is the measure of a country’s overall welfare, it has become one of the most defining indicators of economic growth since the Second World War. This paper argues that GDP has become too narrow to be perceived as a marker of success in today’s increasingly dynamic world where African countries are independent of institutionalised colonialism and more importantly because they have this history of colonialism.
In addition, African countries have internal complexities such as language, religion, culture, civil conflict, lack of political will because of high levels of corruption and nepotism as well as lack of resources and capacity. In other words, other markers of a countries success need to be developed and newspapers like the Business Day have the potential to observe and identify trends. Trends that identify what has worked for South Africa and why certain policies have failed socially, politically and economically, especially through their editorials which can serve as a more critical platform. The issues that this study has identified is the ways in which this newspaper promotes this particular position without considering alternatives to ‘grow the economy’ which is a common phrase that has been found within each of the analysed editorials.
In comparison to youth, what business thinks and can contribute to the economy is shown to be viewed as having a level of importance because 15 out of the 33 (45%) analysed Business Day articles carried this theme concerning the significance of the private sector investment in South Africa’s economy and how they can ‘grow’ the economy. The following graph [fig 2] visually captures this dynamic:
96 45% of the articles represented more confidence in business to drive growth 55% addressing
other issues such as transport, expenditure, service delivery