Abstract

The importance of the economy in South African socioeconomic development and for achieving the objectives set by the constitutional vision, can never be underestimated. To understand the relationship that exists between the economy and socioeconomic development, the simple mechanics of how production, income and spending in a basic mixed economy operate are briefly explained. There is a significant relationship between the economy, commerce, socioeconomic development, legal certainty, and substantive equality all of which can conceivably work harmoniously together to create a truly egalitarian society. However, some key threats that are hindering the achievement of the constitutional vision are unemployment, poor economic growth, corruption within the private and public sectors, as well as the Covid-19 pandemic. The economy and commerce have a major role to play on socioeconomic development in South Africa, by contributing to socioeconomic development and reform and the longer-term development of an egalitarian society. To achieve the constitutional vision of creating an equal and prosperous South African society, both business and government have a very important role to play. Therefore, the important role of business and the commercial need for legal certainty in contracts is critical.