WITHIN weeks, Jacob Zuma is set to become the most powerful man in Africa, a continent of a billion souls that is still the poorest and, despite recent improvements, the worst governed on the planet. South Africa provides more than a third of the 48 sub-Saharan economies’ total GDP. It is Africa’s sole member of the G20 group of influential countries and packs a punch in global diplomacy. Its emergence from the gruesome era of apartheid is a miracle of reconciliation. Africans across the continent and oppressed peoples elsewhere still look to South Africa’s leader as a beacon of hope.

The market’s self-correction will not be enough, however. Higher taxes will eventually be inevitable, since so many governments have lurched heavily into deficit. But politicians must tread carefully. Tax rises right away would be a rotten idea, since for the moment fiscal stimulus is needed. And even when governments raise the money, they should first get rid of deductions and reverse unmeritocratic measures (such as George Bush’s repeal of America’s death tax) rather than jacking up income-tax rates to punitive levels. Squeeze the rich until the pips squeak, and the juice goes out of the economy.

The market’s self-correction will not be enough, however. Higher taxes will eventually be inevitable, since so many governments have lurched heavily into deficit. But politicians must tread carefully. Tax rises right away would be a rotten idea, since for the moment fiscal stimulus is needed. And even when governments raise the money, they should first get rid of deductions and reverse unmeritocratic measures (such as George Bush’s repeal of America’s death tax) rather than jacking up income-tax rates to punitive levels.