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Economic failure in the Middle East

Author

Listed:
  • Hossein Askari

    (George Washington University, Washington (USA))

  • Roshanak Taghavi

    (Columbia University, New York (USA))

Abstract

We show how human and economic development has generally remained low amongMiddle Eastern oil-exporters, despite over three trillion dollars in oil revenues. Islam and religion have not contributed to the region's failure. Extensive mismanagement of oil wealth has fueled corruption, decelerated economic growth, and reducedeconomic freedom in oil-producing countries. Government inefficiency and barriers to trade have discouraged foreign investment and have further undermined growth. We follow with an explanation of the relative economic costs and impact of conflicts in the region, and conclude with a brief assessment of each oil exporter's currenteconomic state and potential for future growth.

Suggested Citation

  • Hossein Askari & Roshanak Taghavi, 2006. "Economic failure in the Middle East," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 81-111.
    • Handle: RePEc:psl:bnlaqr:2006:14
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9864/9746
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    References listed on IDEAS

    as
    1. Ms. Dalia S Hakura, 2004. "Growth in the Middle East and North Africa," IMF Working Papers 2004/056, International Monetary Fund.
    2. Hossein Askari & Roshanak Taghavi, 2005. "The principle foundations of an Islamic economy," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 58(235), pages 187-205.
    3. World Bank, 2005. "Middle East and North Africa Economic Developments and Prospects 2005," World Bank Publications - Reports 23973, The World Bank Group.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Development;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General
    • P47 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Performance and Prospects

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