Download e-book for iPad: A Political Economy of Lebanon, 1948-2002: The Limits of by Toufic Gaspard

By Toufic Gaspard

ISBN-10: 142371427X

ISBN-13: 9781423714279

ISBN-10: 9004132597

ISBN-13: 9789004132597

This paintings assesses Lebanon's improvement adventure in the course of 1948-2002, a case examine of laissez-faire functionality over greater than 50 years. The textual content analyzes the robust financial hindrance of the mid-1980s and the reconstruction coverage that produced vulnerable progress and excessive govt indebtedness.

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Additional resources for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)

Example text

Nonetheless, their policy recommendations are very close to, if not identical with, those given in the standard NC spirit. Thus, the substance of their outlook is that property rights should be enforced, free market entry guaranteed and, overall, that laissez-faire is the best economic policy. In a similar vein, the NC Keynesians acknowledge the limitations of the pure NC model. These are mostly empirical in nature, relating to the absence of competitive and complete markets. The limitations are important because they may invalidate the two Fundamental Theorems on which the optimality of the market form of economic organization rests.

75 Kaldor, 1983, p. 39. GASPARD_F3_5-41 11/11/03 34 11:23 AM Page 34   The issue of the market and economic efficiency, as understood at the traditional micro or industry level, is not often addressed in Marxist writings or in the radical literature. However, the general efficiency and productivity of the market is implicit in Marx’s view of the wealth-creating capacity and actuality of capitalism. Marx analyzed capitalism in a competitive environment, and it was one of his most successful predictions to foresee the dynamic evolution of competitive capitalism into a growing concentration and centralization of capital.

This, in substance, is what the structural adjustment policies of the “Washington Consensus” advocate. 19 One should add, in this regard, that the recommendation to establish more markets is not exclusive to NC economists. , pp. 7–9. The thrust of the structural adjustment policies that are advocated by the Bretton Woods institutions and the OECD (1987, 1989) falls in the realm of expanding the domain of markets so that the price mechanism governs increasingly more economic transactions. 19 See Shapiro and Taylor, 1990, p.

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A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia) by Toufic Gaspard


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