The contention that cattle are held as a store of wealth in Swaziland is supported by a regression analysis of slaughter against price and rainfall, and by an examination of the Swazi herd structure. The failure to recognize that cattle directly satisfy both wealth and income motives in traditional societies has led to the implementation of production‐oriented livestock development programs, which may worsen the serious overgrazing problem in Swaziland. Observations elsewhere indicate that there are lessons to be learned for livestock development in other overgrazed parts of eastern and southern Africa.

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