A coterie of politically connected black businesspeople has amassed extraordinary wealth, but the state remains outside the circuits of production, write Jeremy Seekings and Nicoli Nattrass. ┬áThe ANC took office committed to increasing the ownership and control of business by black people. Considerable effort went into the formulation and implementation of the black economic empowerment (BEE) legislation and regulations that compelled business to co-operate in the transfer of large shares of ownership and control to a new, black corporate elite. The close, informal links between black political and economic elites contrast with the mostly strained formal and informal links between ANC leadership and government ministers and the established white economic elite…..more