Economic Transition in the Middle East: Global Challenges & Adjustment Strategies PDF
Preview Economic Transition in the Middle East: Global Challenges & Adjustment Strategies
Economic Transition in the Middle East This page intentionally left blank Economic Transition in the Middle East Global Challenges and Adjustment Strategies Edited by Heba Handoussa The American University in Cairo Press First published in 1997 by The American University in Cairo Press 113 Sharia Kasr el Aini Cairo, Egypt http://aucpress.com Copyright © 1997 by the Economic Research Forum for the Arab Countries, Iran and Turkey Second printing 2000 This edition published by arrangement with the Economic Research Forum for the Arab Countries, Iran and Turkey All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. Dar el Kutub No. 11801/96 ISBN 977 424 428 1 Printed in Egypt Preface This volume brings together a number of studies on the major issues of adjust- ment as they apply to countries of the Middle East and North Africa (MENA). The selection of chapters is based on papers presented at a conference orga- nized by the Economic Research Forum and held in Rabat in 1995, as well as at an earlier conference organized in 1992 by the American University in Cairo. The authors draw on economic, political and institutional theory in order to appraise and compare development models, identify the determinants of sustained growth, apply the new development concepts to the case of MENA countries, and suggest viable options to reduce the political and social constraints to reform. The first chapter of the book presents a review of the global context and domestic setting in which MENA countries are attempting to liberalize their economies, with a summary of the arguments and policy-related results pre- sented by the contributing authors. In the second part of the book, three papers address the key questions posed by the process of globalization, deregulation, privatization and institu- tional reform, with a focus on the adjustment and liberalization efforts need- ed in countries of the MENA region. Another two papers analyze the experi- ence of Southeast Asian success stories, drawing some key policy lessons of relevance to developing countries. The third part of the volume provides a critical analysis of the status of adjustment and liberalization in eleven MENA countries, with a focus on the comprehensiveness and speed of the state's disengagement from economic activity and on the political economy of reform. The final chapter gives a detailed assessment of the past performance and future options for industrial policy in the context of liberalization, using Egypt as a case study and com- paring its experience with that of South Korea and other successful Southeast Asian countries. Four sets of issues are vividly highlighted throughout the book: the issue of integration into the global economy and the speed with which foreign trade should be liberalized; the issue of divestiture and the merits of following var- ious privatization strategies; the issue of state intervention in the context of liberalization and private sector orientation; and the issue of democratization and the political economy of reform. This page intentionally left blank Contents Preface v Part I. Introduction and Overview 1. Adjustment and Beyond: The Middle East in Transition 3 Heba Handoussa Part II. The International Setting 2. Global Challenges and Opportunities Facing MENA 19 Countries at the Dawn of the Twenty-First Century RaedSafadi 3. Why East Asian Economies Have Been Successful: 43 Some Lessons for Other Developing Countries Byron Gangnes and Seiji Nay a 4. Adjustment, Investment and Growth in the 61 High-Performing Asian Economies Amor Bhattacharya and John M. Page, Jr. 5. From Import Substitution to Outward Orientation: Some 89 Institutional and Political Economy Conditions for Reform Jeffrey B. Nugent 6. Privatization as a Policy for Development 107 Giacomo Luciani Part III. Country Perspectives 7. Etatisme Versus Privatization: The Changing Economic 125 Role of the State in Nine Arab Countries Nazih Ayubi 8. The Changing Economic Role of the State from a Turkish 167 Perspective Fikret Adaman and Murat Sertel 9. Economic Adjustment and Political Liberalization in Morocco 183 Driss Ben All 10. Industrial Policy and the Role of the State in Egypt: 219 The Relevance of the East Asian Experience Mona Said, Ha-Joon Chang and Khaled Sakr Index 263 274 vii This page intentionally left blank Part I. Introduction and Overview
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