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The key to an understanding of the Apartheid state is to be found for the fractionalists, in an understanding of the 1924 election that established the dominance of 'national capital', a dominance subsequently eroded, but renewed in 1948 with the formation of the Nationalist government . A considerable fractionalist literature has now developed around the 1924 election, but the framework remains that originally defined by Kaplan . The attainment of hegemony by the 'national bourgeoisie' cannot easily be explained in terms of the relations between fractions of capital because national 'industrial capital' was economically insignificant as an independent force, while agricultural and commercial interests were divided, the economically most advanced tending, if anything, to support mining interests .

263) This conception of the relation between economic and political can be called overpoliticised because the economic level is not essentially social, but is a sphere in which specific individual material interests are constituted . Thus it is only at the political level that these interests acquire their social form in the representation of those interests through pressure groups : it is only through their 'pertinent effects' at the political level that class fractions effectively exist . The same is true a fortiori of social classes as is true of class fractions .

It is the means of production monopolised by a certain section of society, confronting living labour-power as products and working conditions rendered independent of this very labour-power, which are personified through this antithesis in capital . . 794-5) . 805-6) . 806) . 803) 40 CAPITAL AND CLASS This is precisely what the fractionalist account does in taking the individual at the economic level as its starting point, for it is only as a "material substance" that particular capitals can be seen independently of one another .

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