GEAR

• Growth Employment and Redistribution Policy—GEAR policy (1997); greater focus on neoliberalism and the economy
• Emphasised free market capitalism, privatization, and reduced fiscal and tariff restrictions aimed to attract foreign investment and stimulate economic growth
• Foreign investment growth was limited due to other investments and the hindrances of the past, their industry was not competitive in international markets
• High poverty and unemployment, especially in homeland incorporated areas, and black empowerment legislation aimed to break down racial barriers in industry led to the emergence of the wealthy black elite