The study presents archival evidence to show how President Kaunda raised political and economic exclusivity in Zambia in the early years of Zambia's independence, and how this retarded capital investment. Despite formal reforms and a new government, this institutional mechanism still dominates and constrains Zambia's political economy today.

Stuart John Barton is a Chartered Financial Analyst, Doctoral Candidate, and member of the Centre for Financial History at the University of Cambridge, UK. Barton previously worked as a derivatives trader for Barclays Capital and HSBC in London, New York and Hong Kong, and now manages a Commodity Trading Advisor in New York.