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Explanations for Zambia's economic decline

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  • Stan Du Plessis
  • Sophia Du Plessis

Abstract

Zambian growth failure is often related to the resource curse. This article evaluates not only this claim, but also whether the new institutional theory can account for Zambia's economic decline. Little empirical support is found for the terms of trade or volatility versions of the resource curse theory, and there is only slightly more support for relative price versions of the theory. Turning to the new institutional theory, the article quantifies the poor quality of institutions in Zambia using a measure for contract intensive money, and supports the hypothesis that 'poor quality' institutions, and especially the failure to protect property and contract rights, played an important role in Zambia's economic decline. Examples are given to support this claim.

Suggested Citation

  • Stan Du Plessis & Sophia Du Plessis, 2006. "Explanations for Zambia's economic decline," Development Southern Africa, Taylor & Francis Journals, vol. 23(3), pages 351-369.
    • Handle: RePEc:taf:deveza:v:23:y:2006:i:3:p:351-369
    DOI: 10.1080/03768350600843069
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    References listed on IDEAS

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    4. Landes,David S., 2003. "The Unbound Prometheus," Cambridge Books, Cambridge University Press, number 9780521826662, September.
    5. Bigsten , Arne & Kayizzi-Mugerwa, Steve, 2000. "The Political Economy of Policy Failure in Zambia," Working Papers in Economics 23, University of Gothenburg, Department of Economics.
    6. Landes,David S., 2003. "The Unbound Prometheus," Cambridge Books, Cambridge University Press, number 9780521534024, September.
    7. Prebisch, Raúl, 1950. "The economic development of Latin America and its principal problems," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 29973, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    8. Janine Aron, 1999. "A recent history of Zambia's management of copper price shocks," CSAE Working Paper Series 1999-15, Centre for the Study of African Economies, University of Oxford.
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    Cited by:

    1. Sophia du Plessis, 2006. "Institutions and Institutional Change in Zambia," Working Papers 16/2006, Stellenbosch University, Department of Economics.
    2. Stuart John Barton, 2016. "Policy Signals and Market Responses," Palgrave Studies in the History of Finance, Palgrave Macmillan, number 978-1-137-39098-1, February.
    3. Broadberry, Stephen & Gardner, Leigh, 2014. "African economic growth in a European mirror: a historical perspective," Economic History Working Papers 56493, London School of Economics and Political Science, Department of Economic History.
    4. Ruba A. Aljarallah & Andrew Angus, 2020. "Dilemma of Natural Resource Abundance: A Case Study of Kuwait," SAGE Open, , vol. 10(1), pages 21582440198, January.

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