In 1994, the world marveled at South Africa's miraculous transition from apartheid to democracy. "Never, never and never again shall it be that this beautiful land will again experience the oppression of one by another and suffer the indignity of being the skunk of the world," former president Nelson Mandela said in Ms inaugural address. So it was that South Africa emerged from the nightmare of apartheid, a system that prevented blaeks-rwho account for 90 percent of the population—'front participating in the economy by denying them the right to acquire the factors of production-land, labor, capital, and entre-preneurship.
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