Fig. 2. Postulated changes in levels of capital during the transition from cattle ranching to wildlife ranching and tourism is the South East Lowveld of Zimbabwe. The years before and after release (Ω) and reorganization (α) are shown. Social capital (So), human capital (Hu), physical capital (Ph), and financial capital (Fi) followed very similar trends and have been lumped together. The initial decline in cattle ranching occurred during the war of independence as a result of cattle rustling followed by a decline in the terms of trade and a major drought in 1991�. Levels of capital are represented relative to the maximum level reached during the period of history we analyze. Levels of capital can be compared within but not between categories of capital. The lines joining the time axes represent the trend between years correctly, but they do not track fluctuations. The level of natural capital refers only to that natural capital accessible to ranchers. These levels are based on our opinions and interpretations of history.