I don't know how I missed this, but I love this new word:

Ineptocracy:
(in-ep-toc'-ra-cy) - a system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

The source of this word is David Hill of The Times in London. Unfortunately, due to The Times' pay wall, I can't actually find the article on their website to link to and give David the credit directly, but I was kindly forwarded a copy (thanks Mum) which is quite an interesting read.

The opening two paragraphs give you an indication of what David Hill's article is about:

Much like inheriting a billion pounds only to die broke or forfeiting a three goal half time lead; ineptocracy is one’s failure to succeed from a position of strength.

A political example of ineptocracy would be South Africa’s ruling party the ANC; who after 18 years of leading one of the most fertile and resource rich countries in the world hasn’t developed any sustainable solutions to generating wealth for its people beyond affirmative action, land redistribution and the nationalization of assets.
— Ineptocracy by David Hill (PDF)

I think he really hits the nail on the head in this article. Yes, South Africa has come a long way in 18 years, but when you consider Germany and Japan came from far worse situations at the end of WWII (from the article), you'd think South Africa would be in a much better position than it is. It is a country sitting on an actual gold mine - other precious metals, stones and minerals are available too - so it should be rich rich riiiiiiiiiiich!!!

From what I've been reading on local news sites, it seems the majority in South Africa may be starting to realise this themselves, so keep an eye on South Africa over the next few years; I think we could be in for some good political rivalry and see the Democratic Alliance (DA) become a real alternative to the ANC. They're already the controlling power in the Western Cape and their success here is starting to get noticed elsewhere in the country.