The Economist, the tragedy of the arabs [[Any similarities with Brazil are *not* coincidental]] The absence of a liberal state has been matched by the absence of a liberal economy. After independence, the prevailing orthodoxy was central planning, often Soviet-inspired. Anti-market, anti-trade, pro-subsidy and pro-regulation, Arab governments strangled their economies. The state pulled the levers of economic power—especially where oil was involved. Where the constraints of post-colonial socialism were lifted, capitalism of the crony, rent-seeking kind took hold, as it did in the later years of Egypt’s Hosni Mubarak. Privatisation was for pals of the government. Virtually no markets were free, barely any world-class companies developed, and clever Arabs who wanted to excel in business or scholarship had to go to America or Europe to do so.
Posted on: Mon, 21 Jul 2014 09:43:06 +0000
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