By Rodney Wilson
Regardless of its oil resources,the heart East is falling at the back of different areas of the constructing global, significantly the international locations of East and South East Asia. Rodney Wilson examines the industrial clients for the quarter contemplating: *the effects of swift inhabitants progress, together with the consequences for schooling and employment; *low discounts degrees; *the absence of important inflows of non-public capital and international funding; *fragmentation of the banking method; *the uncomplicated ecomomic infrastructure and the issues because of over the top army expenditure; *falling oil costs; *budget deficits; the writer examines substitute fiscal instructions for the zone arguing that either the equipment and ambitions of improvement need to be reassessed in a sector the place Islam prevails.
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Extra info for Economic Development in the Middle East (Routledge Studies in Development Economics)
The question of raising living standards for ordinary Egyptian families was of much less, if any, concern. What mattered was national economic power and the consequent political prestige, not the welfare of individuals. Saddam Hussein of Iraq, although a very different type of figure to Muhammad Ali, is very much in this tradition, with his vision of a strong ruler leading a mighty army and nation. Given such objectives it is hardly surprising that nationalism and industrialisation became linked in the Middle East, with the state rather than the private sector taking the lead.
It is not the measure which is wrong, but the interpretation. 28 GROWTH AND STRUCTURAL CHANGE Another criticism of gross national product per capita comparisons is that a common unit of measure has to be used, most frequently the United States dollar. A dollar standard was appropriate when the United States currency underpinned the international monetary system but the dollar’s role has diminished considerably in recent years and its exchange rate has been volatile in relation to the yen and Deutschmark.
25 As we have already mentioned, the economies of the Middle East have often been described as rentier states, and there is a considerable amount of literature that refers to the oil-exporting states in this way from the 1970s onward. Definitions of what exactly was meant by the term rentier seemed to vary, one theme being that it implied living on the income of a non-renewable resource, from which a rent could be earned because of its scarcity value. After the oil price rises of 1973 and later 1979, the price of Middle Eastern oil seemed to bear little relation to its cost of production.
Economic Development in the Middle East (Routledge Studies in Development Economics) by Rodney Wilson