Zimbabwe's Casino Economy: Extraordinary Measures for Extraordinary Challenges

This is the remarkable first-hand account of the tenure of the Governor of the Reserve Bank of Zimbabwe, from December 2003 until November 2008. A close colleague of President Robert Mugabe, he explains why he cherishes that opportunity to serve him and his country. A number of beliefs underpin his account of his tenure: every nation seeks development in terms of economic growth, equity, social cohesion, political stability, democracy and human rights as well as sovereignty or national autonomy in international affairs, and his account is therefore in a development context, the object of public policy. He contends that Zimbabweans have been denied the pursuit of development which is in a precarious state, because of "illegal economic sanctions imposed on Zimbabwe by Britain and its allies who have sought regime change in the country and because of serious gaps and weaknesses in the policy response to the sanctions by both the government and the business community in our country". The result of political turmoil and market failure is that order and stability have been compromised and the Zimbabwe economy is now drive by a casino ethic, with devastating effects. He outlines the Reserve bank response to the challenges, and concludes by mapping a socio-economic roadmap for reform and recovery. After an introductory bio-professional note, the chapters cover: The Invisible Hand's Dirty Politics; The Market Economy as a Casino Economy; Corrupting Banking and the Stock Exchange; Illegal Sanctions as Terrorism; When Things Fell Apart; Taking a New Direction; Tackling the Casino Economy; Beyond the Casino Economy.