In the 2011 essay writing competition presented by Old Mutual and Nedbank, aimed at undergraduate students at universities across the country, local NMMU Economics Honours student, David Gate wrote about the nationalisation of the mines in an essay titled; “To Nationalise or not to Nationalise? – The case for the South African Mining Sector.”
Gate concluded the following; “The feasibility of nationalising mines rests upon two important factors: the ability to minimise the risks associated with government failure and induce greater investor buy-in. Secondly the resulting nationalised mines have to remain cost-effective otherwise it means that they have to be subsidized from other government sources and end up competing for taxpayers’ money with government’s other social services.
Otherwise, before policy makers can indulge in large scale experiments of nationalisation, it is imperative that they explore other flexible models of government involvement that address the dangers associated with market failure.”
Download David’s essay here: To Nationalise or not to Nationalise? – The case for the South African Mining Sector.
The primary focus of the competition was on academic excellence, and essays were judged primarily on merit and quality.
The Top Ten finalists, including David Gate were invited by the Finance Minister, Pravin Gordhan, to attend his Budget Speech Presentation in Parliament during February 2012.
These finalists were also interviewed and evaluated for; intellectual sparkle, the ability to formulate and express rational arguments and understanding and on their knowledge of topical economic issues.
At the end of the evaluation and judging David was awarded the 2nd Runner up position in the essay writing competition.
Gate says; “Being awarded the 2nd runner up position by the Finance Minister makes me and the Port Elizabeth community proud, even in the midst of the lamentable state of the Eastern Cape’s education system.”
Entries to the 2012 Nedbank and Old Mutual Budget Speech Competition are now open.
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