Zimbabwe Was Once the Freest Economy in the World
Zimbabwe is best remembered as the country that clocked up a jaw-dropping inflation rate of 231 million percent a year. That insanity came abruptly to an end in 2009 when the country adopted the US dollar and South African rand as the official means of exchange. How did it get to this Olympian inflation rate? The same way it always happens, by rampant money printing. Less well known is what happened immediately after this. The ruling Zanu-PF party lost its outright majority in the 2008 election and was forced to share power with the opposition Movement for Democratic Change (MDC). … Continue reading →
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