New Economic Model for Iraq Future Vision and Market-Oriented State Corporations Foster Liberalization of Oil-Rentier Economies
Al-Saadi, Sabri Zire
MetadataShow full item record
"Iraq's loaded experience is a thought-provoking case for better understanding of the potentialities of the oil-rentier developing countries. Over the last six decades, Iraq underwent radical economic and violent political changes. Since 1952, oil revenues play an important role in the country's economic, social, and political development. During the 1950's, 1960's & 1970's, the governments' utilization of oil revenues, though not always efficient, was promising for building the country's infrastructure, increasing economic growth, as well as improving the living standards. Significantly, the economic model of the 1970's was characterized by the dominance of the state where the share of public sector in GDP has substantially increased, especially in crude oil and mining extraction industry, petrochemical industry, banking, trade, manufacturing industries, and agriculture. However, since 1980, Iraq has suffered from major devastating three wars and economic decline and costly political events that resulted in the fall of Saddam's dictatorial regime which followed by more deterioration of the prevailing conditions. In addition to the political and security problems, Iraq at present is facing many difficult socio-economic challenges: the poverty; sluggish real growth; high unemployment; low productivity; low standards of living; and widespread corruption. In a wider geopolitical context and given the lessons learned from recent global financial crises and world economic slowdown, Iraq's awaited economic model that should benefit from the actual experience of globalization positives and negatives, could also generate far-reaching political and economic impact on the security and prosperity of the unstable strategic Middle East region that is rich in oil and gas."
This article was published in Culture and Conflict Review (Summer 2012), v.6 no.2
Showing items related by title, author, creator and subject.
Davis, Rachel N. (Monterey, California: Naval Postgraduate School, 2014-03);The economic factors in the Arab'Israeli Conflict are often overshadowed by its more powerful political features, but economics plays a significant, if not equal, role in the conflict's protracted nature. Like politics, ...
Nelson, Dana Andrew. (Monterey, California. Naval Postgraduate School, 1998-06);From 1985 to 1991, Syria experienced a severe economic crisis. In response, the regime of Hafiz al-Asad implemented economic reforms designed to move the Syrian economy toward free-market capitalism. As seen in authoritarian ...
Carson, Christopher B. (Monterey, California. Naval Postgraduate School, 2011-03);A successful outcome of Russian President Medvedev's recent economic modernization plan, also known as "Smart Russia," could result in a more democratic and prosperous Russia. However, corruption and an energy dependent ...