MONDAY COMMENT. Protecting local industry is a tricky thing.

Byline: Tim Cohen

MONDAY COMMENT Protecting local industry is a tricky thing IN POPULAR South African imagination, Walmart is the George Bush of investors; a clumping great thoughtless American giant who will either deliberately or carelessly stomp on small stores, trade unions and, generally, the great South African Way of Life. They are more than barbarians at the gate. We are the barbarians; they are the colossal forces of Rome, come to enforce lifelong servitude and obedience.

Yet even the most fearful small shopkeeper or union member would perhaps make three positive concessions about Walmart, the world's largest company. First, it's a big feather in our cap that this global giant has acknowledged we exist and has offered to buy half of local company Massmart. Second, its stuff is excellent and cheap. And third, it will increase competition among manufacturers and retailers.

Hence, last week at the Competition Tribunal a …