摘要: Abstract Zambia, like other copper producers, took the high late 1960s price as norm and regarded mid-1970s mineral fall an aberration. It adjusted by foreign borrowing rather than structural change. Consequently, when early 1980s shock drove revenues even lower, Zambia had little room for manoeuvre. The cumulative scale of required adjustment then impeded IMF-backed reforms further delayed diversification into farming, agroindustry labour intensive manufactures which country's shrinking ‘bonus’ dictates.
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