While governments around the world are trying to get out of the business of state-owned industries, President Robert Mugabe is on the brink of nationalizing nearly half the white-owned farmland in Zimbabwe.
A bill moving through parliament would allow the government to buy some 12 million of the 28 million acres owned by the country's 4,200 white farmers, who produce around 75% of agricultural output, at confiscatory rates of compensation. Payment would be made either at a price determined by the authorities or with government bonds likely to be well below market values. But an amendment, reluctantly backed by Mugabe, would...
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