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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Enabling legal framework for the operation of a local capital market in Tanzania: past experience and future requirements
Author:Kanywanyi, Joe L.
Periodical:Eastern Africa Law Review (ISSN 0012-8678)
Notes:biblio. refs.
Geographic terms:Tanzania
East Africa
foreign investments
economic law
financial market
Economic and social development
Abstract:This article reviews the major legal provisions and related institutional systems that have been set up in Tanzania to foster the development of a relatively freer competitive capitalist environment and the growth of a local money and capital market. The legal regime of the period from independence in 1961 to the Arusha Declaration of 1967, notably the Foreign Investment (Protection) Act 1963, was generally permissive of both capital investment and profit appropriation by private entrepreneurs, and was backed up by the establishment of banking, insurance and other financial intermediaries. The most significant change under the first phase of Arusha, 1967/1968 to 1973/1974, was the adoption of a policy of nationalization, couched in socialist rhetoric and accompanied by a corollary policy of creating firms with a monopolistic franchise in key areas of the economy. By 1973/1974 it was clear that a negative economic trend had set in, and real policy swung from 'ujamaa' State capitalism to increasing liberalization, including a package of openly capitalist measures and the adoption of the Economic Recovery Programme (ERP) in 1986. Pointer to future policy is the government's 'National Investment Promotion Policy' document of 1990. Its stipulations are being put into effect amongst others through the enactment of the National Investment Promotion and Protection Act 1990, the creation of an Investment Promotion Centre, and the Banking and Financial Institutions Act 1991. Notes, ref.