To break apartheid rule through negotiation, rather than a bloody civil war, seemed then an option too good to be ignored. However, at that time, the balance of power was with the ANC, and conditions were favourable for more radical change at the negotiating table than we ultimately accepted. It is by no means certain that the old order, apart from isolated rightist extremists, had the will or capability to resort to the bloody repression envisaged by Mandela's leadership. If we had held our nerve, we could have pressed forward without making the concessions we did.
It was a dire error on my part to focus on my own responsibilities and leave the economic issues to the ANC's experts. However, at the time, most of us never quite knew what was happening with the top-level economic discussions. As s Sampie Terreblanche has revealed in his critique, Lost in Transformation, by late 1993 big business strategies – hatched in 1991 at the mining mogul Harry Oppenheimer's Johannesburg residence – were crystallising in secret late-night discussions at the Development Bank of South Africa. Present were South Africa's mineral and energy leaders, the bosses of US and British companies with a presence in South Africa – and young ANC economists schooled in western economics. They were reporting to Mandela, and were either outwitted or frightened into submission by hints of the dire consequences for South Africa should an ANC government prevail with what were considered ruinous economic policies.
All means to eradicate poverty, which was Mandela's and the ANC's sworn promise to the "poorest of the poor", were lost in the process.Nationalisation of the mines and heights of the economy as envisaged by the Freedom charter was abandoned. The ANC accepted responsibility for a vast apartheid-era debt, which should have been cancelled. A wealth tax on the super-rich to fund developmental projects was set aside, and domestic and international corporations, enriched by apartheid, were excused from any financial reparations. Extremely tight budgetary obligations were instituted that would tie the hands of any future governments; obligations to implement a free-trade policy and abolish all forms of tariff protection in keeping with neo-liberal free trade fundamentals were accepted. Big corporations were allowed to shift their main listings abroad. In Terreblanche's opinion, these ANC concessions constituted "treacherous decisions that [will] haunt South Africa for generations to come."