South Africa’s collapsing railway company is a cautionary tale
A “developmental state” is less useful than keeping the lights on and trains running
The global financial crisis of 2007-09 showed that huge bombs had been placed in the rich world’s banking systems and capital markets. If one blew up, as Lehman Brothers did, it could send a blast wave through the rest of the economy.
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This article appeared in the Leaders section of the print edition under the headline “Arresting development”
From the January 21st 2023 edition
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