Nyerere exemplified a brutal, authoritarian, socialistic approach that has devastated much of postcolonial Africa.
Mr Nyerere nationalised it and it ran down, but in 1994 De Beers bought most of it back.
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Unlike Mr Nyerere, and despite the ruling party's lingering socialist rhetoric, Mr Kikwete knows he must reassure investors.
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Col Ojukwu's Biafran aspirations where supported by Tanzania's first President, Julius Nyerere - the influential African statesman and pan-Africanist.
As his wife Susannah looked on helplessly, the men began to hack at Nyerere's arms and legs with machetes.
Looking on as the funeral came to a close, is Nyerere's sister Winifrida.
On the one hand, its former president, Julius Nyerere, is trying to negotiate the removal of the Buyoya regime in Burundi.
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Nyerere was clearly being targeted for being albino - but in every other respect he was an accepted part of his community.
In 1990, the former Tanzanian President Julius Nyerere bowed out of mainstream politics when he quit as chairman of the ruling CCM party.
Mr Nyerere did not accept the alliance, led by Jean-Bosco Ndayikengurukiye, at peace talks in Arusha because of its use of terror tactics.
But the death last week of Mr Nyerere casts doubt on the prospects for peace, which had already been badly undermined by violence.
His ministers have said publicly that the current peace project is misconceived, and that Mr Mandela, like Nyerere before him, is reading Burundi wrong.
After Mr Nyerere's resignation in 1985, his successor, Ali Hassan Mwinyi, attempted to raise productivity and attract foreign investment and loans by dismantling government control of the economy.
Socialism, not democratic, individual-oriented capitalism, was the idol of Nyerere.
Mr Nyerere had been trying for over a year to end the fighting between the Tutsi-led government, who took power in a coup in 1996, and the Hutu rebels.
Moreover, the world crisis may bolster old socialists in the CCM who want a return to ujamaa, a failed model of rural collectivisation propounded by Tanzania's founding president, Julius Nyerere.
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Julius Nyerere, Tanzania's ex-president, hoped to call all parties together for talks and to find a formula for dropping the sanctions imposed by Burundi's neighbours after the coup in 1996.
Yes, Nyerere as a person was the antithesis of the thugs who had taken over so many of Africa's other nations, but his socialistic policies did immense damage, thwarting prosperity and entrepreneurial instincts, and increasing misery.
Nyerere's calm, dignified, scholarly demeanor enabled him to rake in billions of dollars in foreign aid, all of it wasted on destructive government-run economic schemes, including a Soviet-style attempt at collective agriculture that further impoverished an already poor area and led to enormous suffering.
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