The Worst Economy to Ever Exist: Zimbabwe

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How the Breadbasket of Africa became its Basket Case.

– Contents of this video --------------------------------
00:00 - The Broken Economy
03:12 - Company Property
06:40 - Rich but Not For All
09:25 - The Breadbasket of Africa
11:25 - Gukurahundi
13:26 - Buying Support
17:21 - How to Destroy an Economy
22:13 - Hyperinflation
25:50 - The Perpetual Crisis

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– Sources used ---------------------------------------------

When Money Destroys Nations By Philip Haslam with Russell Lamberti

Why Nations Fail by Daron Acemoglu & James A. Robinson

Globalization and Monetary Policy Institute 2011 Annual Report, Federal Reserve Bank of Dallas

#Economics #History #Hyperinflation #Zimbabwe #CasualScholar #EconomicHistory #ZimbabweHistory

[CasualScholar]

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[marcosmercedesn]

Declaring inflation illegal is the smartest economic policy I've ever heard of!

[orboakin]

Zimbabwe is a perfect example of wasted opportunity and potential in Africa. They had a lot lined up for success but threw it away due to bad political leadership and economic mismanagement. As a African myself (Nigerian) it annoys me when most people only attribute Africa's current problems to "colonialism or racism", effectively removing personal responsibility of us Africans, and ignore more important factors like geography, climate, socioeconomic systems, political unity and leadership. Botswana and Namibia have less arable land and resources compared to Zimbabwe but they have better economies and more stable democracies.

[paulwilliamson]

In the lifetime of one man a country was destroyed, yet the individual his family and cronies became obscenely wealthy. This seems to be a common occurrence across Africa. Just look at South Africa now, the same thing is happening, the elites get rich while the population suffers.

[benfreiler]

It’s infuriating hearing that Mugabe enacted specific policy to ensure there was no Black middle class in Zimbabwe so there wouldn’t be a challenge to his authority. “Freedom fighters” are always some of the first people to take away others’ freedoms and empowerment once they get theirs. I don’t think Mugabe actually ever cared about a free Rhodesia from the start. He was just playing political games to line up his rise to power.

[michaelcerean]

A farm is not just a piece of land. It’s a knowledge and skill-based operation.

Stealing a farm and expecting food is like hijacking a plane mid air, without knowing how to fly it.

[mhdibm]

As an african citizen I can say with confidence that nothing destroyed africa more than its brutal dictatorships, corrupted governments did and still are doing more harm than all the colonial powers did in the past

[nilnil]

The typical excuse is to blame slavery, colonialism but not being accountable for their own greed and gross mismanagement

[brendanpaterson]

I lived in Mozambique 1994 - 1996 and visited Zimbabwe in total 3 months during that time. My visits to "Zim" are amongst my most treasured measures. Magnificent country. Gorgeous people - educated, skilled, entrepreneurial, generous - people who were quite rightly proud to be Zimbabwean. It's horrendous what's happened since.

[chidera]

As a Nigerian I have this to say Nobody have destroyed Africa as much as our leaders, not colonialism, not slavery not even inter tribal wars before colonialism but our current Leaders whose greed and corruption is notorious

[clivematthews]

“A leader with too much power can be just as damaging as an outside enemy”, very beautiful quote.

[Equiluxe]

I have relatives in Zimbabwe, I remember one holding a bank note with more zeroes on it than Bill Gates bank account but it would not buy a loaf of bread. Visited there in 1999, to leave that country you had to pay a tax in US dollars, they had a special exchange booth to get them at the airport you then handed them over to the official. Apparently they were collected from the airport by helicopter and Mugabe's wife, they called it Mugabe's take away.

[EdwardCarsonQC]

“Zimbabwe’s struggles come from a tragic continuation of oppressive minority rule, with new leaders mimicking the despotic tendencies of their colonial predecessors.”

Hold on! hold on! The oppressive colonial minority rulers maintained a functioning and highly efficient economy. The last thing Mugabe did was to mimic his predecessors.

[MrDLeighS]

South Africa is going down this Exact path! It's crazy how many similarities there are between Zimbabwe in the early 90s, and South Africa right now!

[Present-Tense]

"The ability to seize control of an economy does not guarantee the ability to manage the economy." ~ Adam F. Smith.

[zubonustad]

The greed for power by the leaders has destroyed Africa and is still destroying

[MrGoblin]

It's encouraging to read the many comments made by Africans who recognise the corruption of today's political leaders as the principal cause of inefficiency and poverty. I've met many white Rhodesians and almost every one of them explained that there was no intrinsic hatred for blacks and in fact most of these farmers regarded the local blacks as good employees. The trouble started with the black communist revolutionaries who wanted everything immediately without regard to expertise and management. The other source of trouble was the support that these terrorists got from Western governments and this was seen as outside interference from fools who didn't understand the cultural dynamics. Mugabe fleeced the country of its riches to line his and his friend's pockets as any Marxist tyrant would. Unfortunately, it was the black majority and the few remaining whites who suffered.

[johnwright]

The new African leaders are not mimicing the oppressive government of colonial regimes; they have reverted to the absolutism of the old African tribal kings.

[SparkBerry]

And South Africa doesn't appear to be learning the lessons of it's fallen neighbour

[pauldacus]

You had me at _Dictators Bad, _ you lost me at _Colonialism To Blame_