A lost decade for Southern Africa
This article describes how Southern Africa missed the chance to use the additional income from the commodity boom to initiate reforms towards more diversification and industrialisation of their economies. Instead, the “resource curse” of easy money corrupted entire state elites who feel that they are entitled to such privileges because of their sacrifices during the liberation struggle. The liberation movements turned government parties have developed an authoritarian political culture which protects corruption and covers bad governance. The little progress made in economic and political development during the last decade will further obstruct the development of the region in the future.