The Death of Sovereign Fiat in Zimbabwe

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the-death-of-sovereign-fiat-in-zimbabwe1Zimbabwe’s economy has been struggling since President Robert Mugabe encouraged the takeover of commercial farms owned by white settlers in 2000. This sparked a chain of events that lead down the path of economic fragility and downturn. Zimbabwe’s economic challenges are once again highlighted, as its sovereign currency is no longer in use and President Mugabe is trying to establish a new currency, pegged to the US dollar, in an attempt to restore economic stability.

Zimbabwe’s Economic Woes

Zimbabwe gained independence from colonial rule in 1980 at which point Robert Mugabe was elected president. Initially, President Mugabe convinced roughly 200,000 white Zimbabweans, including 4,500 farm owners, to stay and become part of democratic Zimbabwe.

However, Mugabe later changed his mind about white farm ownership and blamed economic problems on white Zimbabweans and the Western world. In 2000, Mugabe

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