Indoctrination, a concept often associated with negative connotations, refer to the process of teaching someone to accept a set of beliefs, ideologies or values without questioning or critically evaluating them.
In the context of Zimbabwe, indoctrination has played a significant role in shaping the country’s history, economics and society.
As a country that has been marked by colonial rule, the post Zimbabwe has yet to see and realize its latent towards its own set of ideology which substantially impact the economics of the nation.
People must embrace the fact that the economy of Zimbabwe will begin and end with a set of ideology. Ideology provides a set of values and principles that guide economic decision making.
An ideology defines the economic goals of a society such as growth, stability and sustainability. These goals shape the direction of economic policy and development.
An ideology influences the design of economic institutions within the nation of Zimbabwe such as markets, governments and regulatory bodies. These institutions in turn shape the behavior of economic actors.
Let us look at how ideology acts as an agent of change within the economic matters of Zimbabwe. Ideology as a shaping force through institutional framework and policy making.
An ideology influences the design, informs policy designs such as taxation, trade and investment. These policies can either promote or hinder economic development.
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As a resource allocation, ideology influences how resources are allocated within an economy.
For example, a socialist ideology might prioritize public investment in health care and education while a capitalist ideology might emphasize private investment in industries like technology and finance.
In addition, social and cultural norms are enacted through the shaping of social and cultural norms around work, consumption and innovation.
These norms can either encourage or discourage entrepreneurial activity, innovation and economic growth.
Ideology as an end point influence the economic outcomes of a society. This is seen in the forms of growth rates, income inequality and poverty levels reflecting the underlying institution.
There is institutional evolution, as the economy develops, its institutions evolve to reflect the dominant ideology. This evolution can either reinforce or challenge the existing ideology.
There is cultural and social impact as the economic development of a society has a profound impact on its culture and social fabric.
The ideology that underpins economic development shapes the values, norms and beliefs of a society.
A free market ideology on the hand proves to be a working vehicle for continued economic growth in Zimbabwe.
Also known as laissez-faire capitalism or neoliberalism, it is an economic and philosophical ideology that advocates for minimal government intervention in economic matters, except through consulted policing.
The core principles of free market ideology include individual freedom as free markets prioritize individual freedom and autonomy, allowing individuals to make choices about their own economic lives.
There is limited government intervention as free markets advocate for minimal government intervention in economic matters such as taxation, regulation and trade.
As a core principle of the free market economy, private property rights are enacted. Free markets emphasise the importance of private property rights, allowing individuals and businesses to own and control property.
There is free trade within the free market economy. Free markets promote free trade, allowing businesses and individuals to trade goods and services without government restrictions.
The competition that exists within the free-market economy drives innovation, improves efficiency and reduce prices.
Free markets rely on the price mechanism to allocate resources, with prices determined by supply and demand. Thus, there is efficient resource allocation as resources are directed to their most valuable uses.
Free market ideology promotes economic development in a number of ways. Firstly, it encourages entrepreneurship and innovation.
Free markets minimize government intervention allowing entrepreneurs to start and grow businesses with ease.
There is again promotion of competition as mentioned earlier on which drives innovation and improvement in products and services.
At the end risk taking behaviour is encouraged as free markets reward risk-takers and innovators promoting a culture of entrepreneurship.
There is reduced poverty and inequality as free markets create jobs, providing opportunities for individuals to improve their economic circumstances.
There is increased economic mobility which is promoted by the free markets as it allows individuals to improve their economic status through hard work and innovation.
Free markets again have been shown to reduce poverty as economic growth and job creation provide opportunities for individuals to escape poverty.
Economic growth is promoted as increased productivity is provided for whereby businesses strive to reduce costs and improve efficiency.
Economic incentives are catered for as free markets provide such for individuals and businesses to work hard, innovate and invest.
There is attraction of foreign investment within free markets thus promoting local economic growth, value addition and development.
There is efficient resource allocation. Free markets rely on price mechanism to allocate resources, ensuring that the resources are directed to their most valuable purposes and uses. Free markets balance supply and demand preventing shortages and surpluses.
There is efficient allocation of capital. Free markets allocate capital to its most productive uses, promoting economic growth.
Let us look case studies where free market has worked for developing countries.
Singapore’s free market has promoted rapid economic growth, low unemployment and high standard of living.
This is followed by Hong Kong’s free market economy that has seen its economy grow, innovation and entrepreneurship, making it one of the most competitive economies in the world.
Lastly, Mauritius has experienced rapid economic growth with GDP growth averaging 5% per annum over the past decade.
Mauritius has implemented free market reforms including trade liberalisation, privatisation and deregulation.
It is an investment friendly environment with favorable business climate, low taxes and a highly developed financial sector.
Looking at a neighboring country, Botswana has maintained economic stability with low inflation and a stable currency.
Botswana has implemented free market policies including trade liberalisation and privatisation. Botswana’s economy is driven by diamond mining, with the government owning a significant stake in the diamond mining industry.
In conclusion, ideology plays a crucial role in shaping economy development, from defining values and principles to influencing policy making and institutional evolution.
While ideology is a non-factor that determines economic outcomes, it is a critical component that can either promote or hinder economic development.
*Chengeta Justice Jr. is an educator and academic writer at Connecting Africa Group. He can be contacted at thejusticechengeta@gmail.com or +263786966075.
These weekly articles are coordinated by Lovemore Kadenge, an independent consultant, managing consultant of Zawale Consultants (Private) Limited, past president of the Zimbabwe Economics Society and past president of the Chartered governance & Accountancy Institute in Zimbabwe. Email – kadenge.zes@gmail.com or Mobile No. +263 772 382 852
