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Iraq: Private ownership of oil and the quest for democracy

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  • Razzak, Weshah

Abstract

I argue that state-ownership and state-management of oil on behalf of the Iraqi people is not conducive to democracy and inconsistent with the principles of free market. I also argue that it can adversely affect economic development and might further impoverish the average Iraqi citizen. To resolve the problems, this note proposes a change to the “political” rules; i.e., change the Iraqi constitution, and provides an economic strategy to transfer oil wealth to the Iraqi people.

Suggested Citation

  • Razzak, Weshah, 2006. "Iraq: Private ownership of oil and the quest for democracy," MPRA Paper 54, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:54
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    File URL: https://mpra.ub.uni-muenchen.de/54/1/MPRA_paper_54.pdf
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    References listed on IDEAS

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    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 407-443.
    2. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
    3. Peter J. Boettke & Christopher J. Coyne & John Davis & Francesco Guala & Alain Marciano & Jochen Runde & Margaret Schabas, 2006. "Where Economics and Philosophy Meet: Review of the Elgar Companion to Economics and Philosophy with Responses from the Authors," Economic Journal, Royal Economic Society, vol. 116(512), pages 306-325, June.
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    Cited by:

    1. Razzak, Weshah, 2019. "Iraq: Private ownership of oil and the quest for democracy revisited," MPRA Paper 98721, University Library of Munich, Germany.

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    More about this item

    Keywords

    Oil; private ownership; development;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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