Zimbabwe's Price Controls Result in Empty Shelves
The empty shelves above in Zimbabwe are the result of gov't. imposed price controls, forcing shopkeepers to lower prices by 50% in response to suring inflation that is estimated to be 4,500%.
Two-liter cartons of a popular orange drink, priced at 400,000 Zimbabwe dollars a week ago, were sold for 120,000 dollars at the controlled price, causing supplies to disappear immediately.
According to the NY Times: "Store shelves emptied last week as shoppers scooped up low-priced goods once the controls took effect."
"Earlier this year, President Robert Mugabe blamed "unbridled greed" for the country's economic woes," according to this BBC story.
MP: Could Zimbabwe's 4,500% inflation have anything to do with excessive money creation and "unbridled government incompetence"?
1 Comments:
Funny but when I visited 'Rhodesia' back in the seventies and eighties I never saw a store with empty shelves but then again they didn't have a corrupt socialist like Mugabe running the country into the ground...
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