By Stuart John Barton

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Extra info for Policy Signals and Market Responses: A 50-Year History of Zambia’s Relationship with Foreign Capital

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37 If UNIP had maintained this balance, some revenue had been reinvested, and professional partners retained, Zambia’s economy might have met many more of its development objectives without needing further foreign investment. 40 Without FDI, some capital investment could be made up from local sources, although in so doing it would divert investment from new industrial and development projects and miss out on other important externalities brought by FDI. This is discussed further in Chapter Four.

2 A causal mechanism To make this argument, Chapters Three and Four present archival evidence to show how institutional constraint on policy-makers (particularly Kaunda) was systematically reduced between 1964 and 1972, while Chapters Five and Six present the impact of this on Zambia’s economy through investors’ reactions. Chapters Seven and Eight show how reform after 1991 allowed Zambia’s economy to recover by reintroducing inclusive institutions which helped to stabilise the country’s policy environment.

The chapter discusses the contribution of each of these theories to our present understanding of Zambia’s economic history. It argues 19 20 Policy Signals and Market Responses that present interpretations remain unsatisfactory at explaining why Zambia’s economy grew so slowly, and it contends that a better explanation might be found by applying an institutional analysis to a detailed account of Zambia’s economic history. Copper dependency Many have argued that the Zambian economy began independence on a very sound footing.

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