Economy of Zimbabwe

Paper Summary:

In this article, the writer notes that given its wide range of resources, it looks as if Zimbabwe should be able to support sustained economic growth, for it has a significant percentage of the world's known reserves of metallurgical-grade chromite, as well as mineral deposits that include coal, asbestos, copper, nickel, gold, platinum, and iron ore. Yet, the writer points out that this once prosperous nation now has an inflation that exceeds 1,000 percent, the majority of the population are unemployed and millions are starving, all of which makes Zimbabwe one of the world's more troubled countries. The writer concludes that with rich mineral assets, an educated workforce, and beautiful natural wonders, Zimbabwe seemed to have the best chance to be an African success story, however the land reform policies have devastated the country.

From the Paper:

"Inflation is now so high that low-wage workers cannot afford to feed their families. For example, a unionized farm worker earns a minimum wage of $1.3 million Zimbabwean, or about $6 U.S. a month, which will buy a half a chicken and fries at a fast-food restaurant in Harare. Makumbe predicts that the population is being squeezed so dramatically by the collapse of the economy that there will soon be popular uprising against Mugabe. Most political analysts caution that even if Mugabe left power immediately, the recovery of Zimbabwe is going to be a long and difficult process because the very foundation of the economy has been destroyed. Moreover, it is now unclear who owns the farmland, which used to be Zimbabwe's most productive asset. This, together with the fact that the government has been frantically borrowing and printing money to pay its debts, a leading horary economist has noted that Zimbabwe's eventual reconstruction could take decades."

Sample of Sources Used:

• Inskeep, Steve. "Government Policies Lead to Collapse of Zimbabwe Economy." Morning Edition: National Public Radio. June 2, 2006. Retrieved November 28 2006 from HighBeam Research Library.
• Kansteiner, Walter H. "Zimbabwe's Political and Economic Crisis." Testimony Before the U.S. Senate Committee on Foreign Relations Subcommittee on African Affairs. U.S. Department of State. June 28 2001. Retrieved November 28 2006 from: http://www.state.gov/p/af/rls/rm/2001/3949.htm
• Richardson, Craig J. "The loss of property rights and the collapse of Zimbabwe." The Cato Journal. September 22, 2005. Retrieved November 28 2006 from HighBeam Research Library.
• "Zimbabwe." U.S. Department of State Country Background Notes. CIA World Fackbook. Michigan State University. September 2006. Retrieved November 28 2006 from:http://globaledge.msu.edu/ibrd/CountryEconomy.asp?CountryID=153&RegionID=5
• "Zimbabwe1." The World Factbook. Central Intelligence Agency. November 14 2006. Retrieved November 28 2006 from: https://www.cia.gov/cia/publications/factbook/geos/zi.html

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