From a Greentech Special Economic Zone to Small Zinc‐Walled Markets: The Circuits of the Urban Economy and Racial Capitalism in Atlantis, South Africa

ABSTRACT This article examines the relations between the Atlantis Special Economic Zone (ASEZ) and the urban economy of Atlantis, South Africa, with particular attention to the Witsand neighbourhood. Drawing on Milton Santos' theory of the two circuits of the urban economy, the study explores how the upper circuit of greentech industries within the ASEZ interacts with the lower circuit of less capitalised commercial and service activities in Witsand. Methodologically, the research combines historical analysis, semi‐structured interviews and ethnographic observation to capture the contradictions shaping urban space. The findings suggest that, while the ASEZ promotes technological modernisation and attracts global investment, it coexists with long‐standing racialised inequalities that continue to shape everyday life in Atlantis. In this context, Black populations living in precarious conditions remain marginalised, even as the zone projects an image of green and inclusive development. Initiatives intended to link the two circuits—such as training programmes and local partnerships—have proved insufficient to transform these structural patterns. By situating Atlantis within these dynamics, the article contributes to broader debates on industrialisation, racial capitalism and urban inequality in the South African context.