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Explanations for Zambia's economic decline

Explanations for Zambia's economic decline 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Development Southern Africa Taylor & Francis

Explanations for Zambia's economic decline

Development Southern Africa , Volume 23 (3): 19 – Sep 1, 2006
19 pages

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References (34)

Publisher
Taylor & Francis
Copyright
Copyright Development Bank of Southern Africa
ISSN
1470-3637
eISSN
0376-835X
DOI
10.1080/03768350600843069
Publisher site
See Article on Publisher Site

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.

Journal

Development Southern AfricaTaylor & Francis

Published: Sep 1, 2006

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