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African Miners and Shape-Shifting Capital Flight: The Case of Luanshya/Baluba

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Zambia, Mining, and Neoliberalism

Part of the book series: Africa Connects ((AFC))

Abstract

Since the early 1980s, Zambia—under structural adjustment programmes (SAPs) enforced by the World Bank and International Monetary Fund (IMF) —has liberalized and privatized its economy so as to make the country attractive to foreign investors. The privatization of Zambia’s national assets brought about enormous profits for well-placed Zambian businessmen, as well as substantial economic opportunities and profits for a number of transnational investors, venture capitalists, and international companies. Central to the national assets of Zambia was its copper industry, the country’s largest industry, employer, and foreign exchange earner. Yet the wholesale liberalization of Zambia’s national assets was disastrous, not only for the tens of thousands employed by the mining industry, but more specifically for the millions of dependents of those employed within the industry. Zambian academic and former World Bank employee Dambisa Moyo has recently argued that development aid has destroyed Africa.3 This is true insofar as development aid foisted upon Africa by the World Bank and the International Monetary Fund has enforced this devastating market liberalization.

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Notes

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© 2010 Alastair Fraser and Miles Larmer

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Gewald, JB., Soeters, S. (2010). African Miners and Shape-Shifting Capital Flight: The Case of Luanshya/Baluba. In: Fraser, A., Larmer, M. (eds) Zambia, Mining, and Neoliberalism. Africa Connects. Palgrave Macmillan, New York. https://doi.org/10.1057/9780230115590_6

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