ABSTRACT
In December 2001, the US Congress and the Presidency finally passed the Zimbabwe Democracy and Economic Recovery Act, which aims to extend the freeze on non-humanitarian aid, debt relief, investment and trade until the rule of law is restored. Like any other the world over, the Zimbabwean Structural Adjustment Program (SAP) aims to meet the conditions of external credit and as a result, the policies are no different. Zimbabwe's experience of the SAP falls into two periods: the first from 1990 to late 1997 distinguished by comprehensive policy implementation but mounting socioeconomic distress; and the second, from late 1997 to the present marked by political instability, policy reversals and disintegration. World market integration proved a two-edged sword: growth in the tradable sectors came at the expense of an enhanced wealth divide and poorer national market. Total market capitalisation on the Zimbabwe Stock Exchange, for example, soared from a low of US$1.5 billion in 1992 to US$6.1 billion by 1997.
