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ZambiaBuilding Prosperity from Resource Wealth$
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Christopher Adam, Paul Collier, and Michael Gondwe

Print publication date: 2014

Print ISBN-13: 9780199660605

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780199660605.001.0001

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Zambia: A Time of Big Opportunities and Tough Decisions

Zambia: A Time of Big Opportunities and Tough Decisions

(p.15) 2 Zambia: A Time of Big Opportunities and Tough Decisions

Paul Collier

Oxford University Press

In Zambia the pressures of electoral competition have generated a political business cycle. Promises made during the elections have created fiscal problems. However, averaged over the electoral cycle most democracies manage their economies well. The crucial period is the mid-term, during which governments implement the tough decisions needed for economic growth. The Zambian government is now entering this vital phase. The vital priority is not merely to reduce the fiscal deficit. Rather, it is to shift public spending from consumption to investment, since depleting copper needs to be offset by the accumulation of other assets. New checks and balances need to be built that could defend the interests of the future from the electoral pressures of the moment.

Keywords:   political business cycle, copper, investment, checks and balances

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