Economic Development in Iraq: Factors Underlying the Relative Deterioration of Human Capital Formation
Looney, Robert E.
MetadataShow full item record
Since 1980, the Iraqi economy has been adversely affected by three separate factors. The war with Iran and later the Coalition Forces caused catastrophic damage to the country's infrastructure. Investment policy permitted high levels of development expenditure, at least during the early years of the Iranian War, which combined with military expenditures particularly in the latter war years, created a rapid expansion in the country's foreign debt. The international oil glut from 1981 onward seriously reduced revenues [Joffe and McLachlan 1987, 19]. And finally, international sanctions against that country following the invasion of Kuwait have resulted in greatly reduced levels of investment and manpower (foreign worker) shortages.
Journal of Economic Issues, June 1992.Refereed Journal Article