The Economy of Iraq: Oil, Wars, Destruction of Development and Prospects, 1950-2010 [NOOK Book]

Overview

The economy of Iraq has fluctuated wildly since the 1950s. It has been affected by changes in government, by wars, and by general instability. This book analyzes a complex subject and is especially timely at this critical juncture in the history of Iraq, the Middle East, and international relations. Abbas Alnasrawi traces the growth of the economy of Iraq since 1950, assesses its present state of crisis and underdevelopment, and explores its prospects for recovery. Alnasrawi contends that the economic development...
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The Economy of Iraq: Oil, Wars, Destruction of Development and Prospects, 1950-2010

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Overview

The economy of Iraq has fluctuated wildly since the 1950s. It has been affected by changes in government, by wars, and by general instability. This book analyzes a complex subject and is especially timely at this critical juncture in the history of Iraq, the Middle East, and international relations. Abbas Alnasrawi traces the growth of the economy of Iraq since 1950, assesses its present state of crisis and underdevelopment, and explores its prospects for recovery. Alnasrawi contends that the economic development of Iraq was shaped by the rise of oil revenue, the Iran-Iraq war, and the invasion of Kuwait and its aftermath. The volume takes a clearsighted and critical look at the evolution of these forces and their impact on the evolution of the economy, along with its present status and prospects.
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Product Details

Meet the Author

ABBAS ALNASRAWI is Professor of Economics at the University of Vermont, where he has been a member of the faculty since 1963.

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Table of Contents

Tables
Acknowledgments
Introduction
1 The Evolution of Iraq's Oil Industry 1
Oil Concessions in Iraq and the Agreement of 1952 2
The Growth of Output and Revenue 2
Oil Output 3
The Pricing of Iraq Crude Oil to 1950 4
Price Developments, 1950-1960 6
Nationalization and Oil Price Developments in the OPEC Era 8
The 1973 Oil Price Revolution 10
The Emergence of Iraq's National Oil Industry 12
2 Oil and Development under the Monarchy, 1950-1958 17
The Development Board and Its Programs, 1950-1958 17
Planned versus Actual Development Spending, 1951/52-1957/58 19
Highlights of Allocations for Development, 1950-1958 21
The Development Board and the Agricultural Sector 24
The Development Board and the Industrial Sector 29
3 Oil and Development Planning, 1958-1968 35
Development Planning in the Qasim Era, 1958-1963 36
Development Planning under the Aref Brothers 43
The Economy's Past Performance as a Guide for the Plan 45
Sectoral Expenditure under the FYP 46
Actual Performance of the FYP 49
4 The Baath Party and Its National Development Plans 55
Evolution of Arab Nationalism 55
The Political Economy of Arab Nationalism 58
The National Development Plan, 1970/71-1974/75 62
The Strategy of the Plan 62
Quantitative Goals of the Plan 63
Assessment of the National Development Plan 68
The 1975 Investment Program 71
Development Planning after 1975 72
5 The Iran-Iraq War and the Demise of Development 79
The War and the Iraqi Economy 79
The War, Iraq's Oil and Saudi Arabia's Oil Policy 83
The War and the Deterioration of the Iraqi Economy 87
The War and the End of Development 89
War Labor Mobilization and the Economy 91
Military Expenditures and Iraq's GNP and Oil Revenue 94
The War and Military and Nonmilitary Imports 95
Privatization under War Conditions 96
An Estimate of the Cost of the Destruction 99
6 The Invasion of Kuwait and the Destruction of Development 105
Abundance of Problems versus Scarcity of Resources 105
Government Borrowing, Money Supply, and Inflation 106
The Emerging Problem of External Debt 109
Military Industries and the Use of Scarce Resources 109
OPEC Failure and the Iraq-Kuwait Oil Confrontation 111
The Invasion and the Economic Sanctions 118
An Estimate of Iraq's Human Losses 120
An Estimate of Iraq's Economic Losses 121
Impact on Personal Income, Consumption, and Cost of Living 123
7 Iraq's Economic Development, 1950-1990: An Assessment 127
Evolution of the New State 127
Regional and International Context 130
Ideological Dimensions 133
An Assessment of Iraq's Development, 1950-1990 136
Development Problems, 1958-1980 139
Development Problems, 1980-1993 145
8 What Economic Future for Iraq? 151
Sanctions, Reparations, Debt, and Reconstruction 151
The $586-Billion Question 153
An Estimate of Oil Revenue to 2010 153
The Burden of Foreign Debt 157
The Burden of War Reparations 158
United Nations Sanctions 158
Other Claims on Scarce Resources 159
The Continued Crisis of the Economy 160
The Problem of Hyperinflation and the Exchange Rate 164
What Economic Future for Iraq? 167
Selected Bibliography 171
Index 183
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