Why is it important for South Africa to learn from its mistakes?

It is often said that history repeats itself and that, makes it even more important to learn from the past. When Chase Manhattan Bank had stopped lending to South Africa in the expiring days of apartheid, South African economy was about to collapse. Since 1994, the country has been under the hegemony of African national congress. ANC did a tremendous job of converting an economy on the brink of collapsing into a low-debt until the financial crises of 2008. Since then, the economy has been subjected to profligacy and mismanagement. In less than a decade, the debt has shot up to 53% of GDP. The debt trap is engulfing the country and the government underestimates its risks. No preventive measures have been taken and the bubble continues to grow. While most optimistic advocates will argue that the present scenario does not permit to reduce the debt, the reality begs to differ. Apposite scenarios rarely exist. Under the puissant and authoritative leadership of the current government, debt trap is likely to get deeper. Signs are intimating of a catastrophe that would be corollary of rigid leadership. People might have grown inured to government subsidies but they do not know what the future would entail if the situation is not dealt with concern. Unless South African changes the way its economy operates, less would change the way, banks have been known to operate: avaricious and unsparing.