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South Africa’s post-apartheid transition has proven disastrous. But what caused this unfortunate trajector? oday, the country is marked by the emergence of a black elite of enriched capitalists who have benefitted from the globalization, neoliberalization and financialization of the economy in general, and from its Minerals-Energy and Financial Complex in particular. By contrast, inequalities, poverty and failing social provision have persisted. Recent attention has shifted to how this trajectory was initiated, with some suggesting a lack of available alternative policy options at the time of transition. The Political Economy of South Africa’s Post-apartheid Transition shows this to be false. In fact, a full range of progressive alternatives were rejected, leading to corresponding consequences from “state capture” to electoral defeat.