How Capitalism Failed the Arab World

How Capitalism Failed the Arab World PDF Author: Richard Javad Heydarian
Publisher: Bloomsbury Publishing
ISBN: 1780329598
Category : Political Science
Languages : en
Pages : 226

Book Description
Economic liberalization has failed in the Arab world. Instead of ushering in economic dynamism and precipitating democratic reform, it has over the last three decades resulted in greater poverty, rising income inequality and sky-rocketing rates of youth unemployment. In How Capitalism Failed the Arab World, Richard Javad Heydarian shows how years of economic mismanagement, political autocracy and corruption have encouraged people to revolt, and how the initial optimism of the uprisings is now giving way to bitter power struggles, increasing uncertainty and continued economic stagnation. A unique and provocative analysis of some of the key social and political events of the last decade.

Locked Out of Development

Locked Out of Development PDF Author: Steffen Hertog
Publisher: Cambridge University Press
ISBN: 1009050699
Category : Political Science
Languages : en
Pages : 179

Book Description
This Element argues that the low dynamism of low- to mid-income Arab economies is explained with a set of inter-connected factors constituting a 'segmented market economy'. These include an over-committed and interventionist state with limited fiscal and institutional resources; deep insider-outsider divides among firms and workers that result from and reinforce wide-ranging state intervention; and an equilibrium of low skills and low productivity that results from and reinforces insider-outsider divides. These mutually reinforcing features undermine encompassing cooperation between state, business and labor. While some of these features are generic to developing countries, others are regionally specific, including the relative importance and historical ambition of the state in the economy and, closely related, the relative size and rigidity of the insider coalitions created through government intervention. Insiders and outsiders exist everywhere, but the divisions are particularly stark, immovable and consequential in the Arab world.

How Capitalism Failed the Arab World

How Capitalism Failed the Arab World PDF Author: Richard Javad Heydarian
Publisher: Zed Books Ltd.
ISBN: 1780329601
Category : Political Science
Languages : en
Pages : 268

Book Description
Economic liberalization has failed in the Arab world. Instead of ushering in economic dynamism and precipitating democratic reform, it has over the last three decades resulted in greater poverty, rising income inequality and sky-rocketing rates of youth unemployment. In How Capitalism Failed the Arab World, Richard Javad Heydarian shows how years of economic mismanagement, political autocracy and corruption have encouraged people to revolt, and how the initial optimism of the uprisings is now giving way to bitter power struggles, increasing uncertainty and continued economic stagnation. A unique and provocative analysis of some of the key social and political events of the last decade.

A Failure of Capitalism

A Failure of Capitalism PDF Author: Richard A. Posner
Publisher: Harvard University Press
ISBN: 9780674051294
Category : Business & Economics
Languages : en
Pages : 372

Book Description
The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist--that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation--and the Keynesian--that the depression was the product of a credit binge in the 1920's, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. Read Richard Posner's blog, and his latest article in The Atlantic.

Cleft Capitalism

Cleft Capitalism PDF Author: Amr Adly
Publisher: Stanford University Press
ISBN: 150361221X
Category : History
Languages : en
Pages : 377

Book Description
Egypt has undergone significant economic liberalization under the auspices of the International Monetary Fund, the World Bank, USAID, and the European Commission. Yet after more than four decades of economic reform, the Egyptian economy still fails to meet popular expectations for inclusive growth, better standards of living, and high-quality employment. While many analysts point to cronyism and corruption, Amr Adly finds the root causes of this stagnation in the underlying social and political conditions of economic development. Cleft Capitalism offers a new explanation for why market-based development can fail to meet expectations: small businesses in Egypt are not growing into medium and larger businesses. The practical outcome of this missing middle syndrome is the continuous erosion of the economic and social privileges once enjoyed by the middle classes and unionized labor, without creating enough winners from market making. This in turn set the stage for alienation, discontent, and, finally, revolt. With this book, Adly uncovers both an institutional explanation for Egypt's failed market making, and sheds light on the key factors of arrested economic development across the Global South.

The Long Divergence

The Long Divergence PDF Author: Timur Kuran
Publisher: Princeton University Press
ISBN: 1400836018
Category : Business & Economics
Languages : en
Pages : 422

Book Description
How religious barriers stalled capitalism in the Middle East In the year 1000, the economy of the Middle East was at least as advanced as that of Europe. But by 1800, the region had fallen dramatically behind—in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the Middle East remain drastically underdeveloped compared to the West? In The Long Divergence, one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions. Timur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life—including private capital accumulation, corporations, large-scale production, and impersonal exchange. By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies—all characteristic of the region's economies today and all legacies of its economic history—will take generations to overcome. The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.

Crony Capitalism in the Middle East

Crony Capitalism in the Middle East PDF Author: Ishac Diwan
Publisher: Oxford University Press
ISBN: 0192559923
Category : Political Science
Languages : en
Pages : 528

Book Description
The popular uprisings in 2011 that overthrew Arab dictators were also a rebuke to crony capitalism, diverted against both rulers and their allied businessmen who monopolize all economic opportunities. While the Middle East has witnessed a growing nexus between business and politics in the wake of liberalization, little is discussed about the nature of business cronies, the sectors in which they operate, the mechanisms used to favour them, and the possible impact of such crony relations on the region's development. Combining inputs from leading scholars in the field, Crony Capitalism in the Middle East: Business and Politics from Liberalization to the Arab Spring presents a wealth of empirical evidence on the form and function of this aspect of the region. Crony Capitalism in the Middle East is unique in both its empirical focus and comparative scale. Analysis in individual chapters is empirically grounded and based on fine-grained data on the business activities of politically connected actors furnishing, for the first time, information on the presence, numerical strength, and activities of politically connected entrepreneurs. It also substantially enhances our understanding of the mechanisms used to privilege connected businesses, and their possible impact on undermining the growth of firms in the region. It offers a major advance on our prior knowledge of Middle Eastern political economy, and constitutes a distinct contribution to the global literature on crony capitalism and the politics of development. The book will be an essential resource for students, researchers, and policymakers alike.

The Unmaking of Arab Socialism

The Unmaking of Arab Socialism PDF Author: Ali Kadri
Publisher: Anthem Press
ISBN: 178308572X
Category : Political Science
Languages : en
Pages : 310

Book Description
Conditions of malnutrition, conflict, or a combination of both characterize many Arab countries, but this was not always so. As in much of the developing world, the immediate post-independence period represented an age of hope and relative prosperity. But imperialism did not sleep while these countries developed, and it soon intervened to destroy these post-independence achievements. The two principal defeats and losses of territory to Israel in 1967 and 1973, as well as the others that followed, left in their wake more than the destruction of assets and the loss of human lives: the Arab World lost its ideology of resistance. The Unmaking of Arab Socialism is an attempt to understand the reasons for Arab world's developmental descent from the pinnacle of Arab socialism to its present desolate conditions through an examination of the post-colonial histories of Egypt, Syria, and Iraq.

How Will Capitalism End?

How Will Capitalism End? PDF Author: Wolfgang Streeck
Publisher: Verso Books
ISBN: 1784784028
Category : Philosophy
Languages : en
Pages : 348

Book Description
The provocative political thinker asks if it will be with a bang or a whimper In How Will Capitalism End? the acclaimed analyst of contemporary politics and economics Wolfgang Streeck argues that capitalism is now in a critical condition. Growth is giving way to secular stagnation; inequality is leading to instability; and confidence in the capitalist money economy has all but evaporated. Capitalism’s shotgun marriage with democracy since 1945 is breaking up as the regulatory institutions restraining its advance have collapsed, and after the final victory of capitalism over its enemies no political agency capable of rebuilding them is in sight. The capitalist system is stricken with at least five worsening disorders for which no cure is at hand: declining growth, oligarchy, starvation of the public sphere, corruption and international anarchy. In this arresting book Wolfgang Streeck asks whether we are witnessing a long and painful period of cumulative decay: of intensifying frictions, of fragility and uncertainty, and of a steady succession of “normal accidents.”

Foretelling the End of Capitalism

Foretelling the End of Capitalism PDF Author: Francesco Boldizzoni
Publisher:
ISBN: 0674919327
Category : Business & Economics
Languages : en
Pages : 337

Book Description
"Prophecies about the end of capitalism are as old as capitalism. None of them, so far, has come true. Yet we keep looking into the crystal ball in search of harbingers of doom. Francesco Boldizzoni gets to the root of the very human need to imagine a better world and uncovers the mechanisms by which the same forecasting mistakes are made over and over again. He offers a compelling solution to the puzzle of what is capitalism and why it seems able to survive all sorts of shocks. The global crisis that developed countries faced at the beginning of the twenty-first century has undermined faith in the capitalist market economy bringing once again to the forefront questions about its long-term prospects. Is capitalism on its way out? If not, what should be expected from future crises? Will society be able and willing to bear the social and environmental costs of creative destruction and relentless financialization? These and other questions have lain at the heart of political economy since the age of Karl Marx. Foretelling the End of Capitalism takes us on a journey through two centuries of unfulfilled prophecies to challenge the belief in an immutable destiny"--
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