A consensus on South Africa's transition from apartheid is crystallisi
ng. According to it, the African National Congress (ANC) and the Natio
nal Party (NP), which initially opened negotiations reluctantly and su
spiciously, were subsequently transformed by the experience. They are
said to have developed mutual trust, discounted questions of political
power, and agreed to a constitution allowing the new democratic gover
nment-predictably headed by the ANC-to commence instituting its politi
cal programme. This piece takes exception to this on several scores. I
t maintains that considerations of power, which vanish from the conven
tional story, were central to the eventual settlement, and stresses tw
o significant constraints on South Africa's new democracy. The governm
ent, as was anticipated by the NP, is exposed to relentless pressure t
o adopt policies preferred by capital, which exerts steady conservativ
e influence on the ANC. Moreover, the terms negotiated in the interim
constitution specifically protect the integrity of established bureauc
racies, doubly constraining the democratic government. Conservative st
ate interests fortify conservative economic interests, offsetting the
social and economic radicalism of the ANC. The thesis presented here i
s that the political bargain in South Africa provides significant prot
ections for interests associated with the NP and blunts the powers of
the ANC. As a result the ANC is struggling to satisfy promises of soci
al transformation and is tempted to shift its political base from popu
lar organisations to state bureaucracies. Thus, South Africa's politic
al bargain is democratic in form, but is incipiently statist and conse
rvative in substance.