ABSTRACT
The main argument of this chapter is that political instability, corruption, and expropriation of foreign assets represent the most important bottlenecks to attract foreign investments and to develop the economy. The dominant figure in the chaotic period that followed independence in 1960–1965 was President Joseph Mobutu as a shadowy figure. Economic indicators showed signs of distress until he took power in late 1965 and provided political order and the rule of law under military rule. From 1966 to 1974, the country known as Zaire was stable and economically prosperous. However, he would nationalize most foreign assets and institutionalize a personalist rule with a small winning coalition. A cult of personality elevated Mobutu to a heroic figure and a god-like image through praise, unquestioned flattery, and veneration. His rule became over the years marked by impetuosity, a refusal to listen or to take advice and a particular form of incompetence when impulsivity, recklessness, and frequent inattention to detail predominate. This is “hubris” and represents a common thread tying these elements together. Mobutu was a leader who “hubristically” abused power. He set about bankrupting Zaire by amassing a personal fortune in a system that has been since described as Africa’s kleptocracy.
