There are two remarkable features of post-independence economic policy-making in Zimbabwe: the very limited nature of the changes made by the new government in 1980, and the complete reversal of policy announced in 1990. It was surprising that a more radical transformation had not been introduced soon after independence, since this had been achieved by a civil war prompted not only by the denial of even basic rights to the majority of the population, but also by an extremely inequitable distribution of economic resources. The volte-face in 1990 was also unexpected, because it required a repudiation of governmental rhetoric at a time when the economy was by no means in a state of crisis, even though under stress. This article attempts to understand these policy shifts.