Those looking for a smoking gun will be disappointed.
Elite Transition is more of a collection of anecdotes and descriptions about the ANC's slide into neoliberalism than an explanation of why. Hence words like 'surprise' appearing no less than 23 times and 'shocking' 13 times in the text. Even 'inexplicable' features three times.
The premise many people take from the book is that there was continuity between the apartheid regime and the current one, in terms of policy. That the previous regime's elites pacted with the ANC's leaders, who together became part of a new elite that's looking after elite interests. Bond hints at this constantly but never quite delivers substantial evidence for his claims.
Bond fails to explain to his readers the nature of apartheid and Afrikaner Nationalism and misses therefor in his book's first version many telltale signs that the new regime is a very different beast from apartheid - and even of the more liberal version of late apartheid. (Can you imagine the Nationalists letting Anglo American move their primary stock market listing offshore for example?)
He fails to explain why in an earlier era the Afrikaner Nationalists could form a class alliance and effectively use the state in grand projects and mobilise capital to the benefit of poor Afrikaners, while the ANC seems to unconcerned with its poor contituency - except for short platitudes about Afrikaans "ambition" and ANC "shrinkage and frightened withering from market interventions".
It's notable that the final addendum to the book takes on a different tone. The author had more data showing the Gini coefficient had risen since 1994, that tax rates are lower now on individuals and companies and that social spending is lower as a percentage of GDP and so forth.
Unfortunately for Bond his last addendum came before Piketty's "Capital". Piketty published new data Bond no doubt would find fascinating. That is that the share of wealth of South Africa's 1% fell significantly from 1948 when the National Party took control to 1993 when they lost power, and then rose dramatically again as the ANC swept into power.
Elite Transition is not a page turner, it's prone to sloganeering and a bit tawdry at times yet it is still a valuable resource, hence I give it 3 stars.