 You typically experience rising inequality as you undergo structural transformation. Policymakers have to encounter this tension between structural transformation bringing about growth and rising inequality. We look at the trends in inequality and structural transformation in the South African economy, which is measured using GDP and employment shares over time across industry. So think of manufacturing, mining, agriculture services. We relate this to inequality measured using your Gini coefficients. So in period one, we found it was a period characterized by industrialization. So South Africa's manufacturing sector expanded over this period. South Africa shifted from an agrarian to an industrialized economy. And this period was accompanied by not declining inequality but stable inequality. And one thing that we find in this is that South Africa potentially missed out on the inequality reducing effects of manufacturing-led structural transformation as a result of race-based economic exclusion policies. Period two was marked by a deindustrialization of the South African economy, as well as a starting of a tertiaryization of the economy. And this period was marked by rising inequality. Period three, we see a continued deindustrialization of the South African economy and a much faster growth in your tertiary sector, your services sector, in particular financial services which are high-income services. At the same time, we also see low-income services such as security services and domestic services and community and social and personal services. And what we find is manufacturing-led structural transformation is inequality reducing, or at very least keeps inequality stable in the South African context. We also find that services-led structural transformation in subsequent periods resulted in rising, always accompanied by rising inequality. So the key take-home point from our study is that there is potentially a double dividend for economic policy makers. They can achieve growth through manufacturing-led structural transformation, as well as declining inequality. However, the challenge for policy makers is how do they bring about industrialization?