The earliest inhabits of Zambia were Khoisan hunter-gatherers. In the 12th century, Bantu speakers started settling in the area. The Portuguese explorer Francisco José Maria de Lacerda was the first European to reach Zambia. However, Zambia was ultimately colonized by the British, instead of the Portuguese. Zambia gained independence in 1964 as a multiparty state. However, Zambia became a single party state in 1972. The first president of Zambia, Kenneth Kaunda, embarked on an socialist economic program designed to make Zambia prosperous and self-sufficient. This program worked for a while. Zambia’s highly nationalized economy took a dive in the early 70’s. This was mainly due to the fact the price of Zambia’s number one export (copper) had fallen. By the 1980’s, Zambia had a huge debt and