From Bad Policy to Chaos in Somalia: How an Economy Fell Apart / Edition 1

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Overview

This examination of the economic policies of Somalia since 1970 is empirical in nature, employing political and economic analysis, economic theory, and econometric techniques, and argues that the governmental economic policy, policy responses to crises, and exogenous shocks have been bad for the long-term economic growth of the country. Despite significant foreign financed public investment, economic growth has been weak and real per capita income has declined. The intensifying economic crises contributed to the rapid deterioration of the political situation that led to the collapse of the Somali state in 1991. Since 1991, chaos and more destruction has followed as warlords scrambled for power, resulting in the resource base of the economy being eroded further and the country being reduced to warring clans.

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Editorial Reviews

Booknews
Somali-born, Johns-Hopkins-educated economist Mubarak argues that specific policies of General Mohamed Siad Barre while he ruled Somalia 1970-90 were responsible not only for the collapse of his regime but also for the scramble of rival warlords that have characterized the politics and economy since then. Among the aspects he focuses on are improper policy responses to exogenous shocks, ambitious public investment and illusive economic growth objectives, and private savings and investment in an inhospitable environment. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780275954864
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 6/30/1996
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 200
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.63 (d)

Meet the Author

JAMIL ABDALLA MUBARAK is a citizen of Somalia who holds an advanced degree from Johns Hopkins University.

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Table of Contents

Tables and Figures
Preface
Abbreviations
1 Introduction 1
2 Economics and Politics in Somalia: A Background 9
3 Improper Policy Responses to Exogenous Stocks 21
4 The Socialist Development Strategy of the 1970s: The Principal Origin of the Crises 49
5 Macroeconomic Consequences of Unsustainable Public Sector Deficits 71
6 Ambitious Public Investment and Illusive Economic Growth Objective 95
7 Private Savings and Investment in an Inhospitable Environment 115
8 The Depressing Effects of Economic Policies on Trade 129
9 Resilience Amid Chaos: The Somali Economy After the State Collapsed 147
10 How the Economy Fell Apart and What We Have Learned 155
Selected Bibliography 169
Index 177
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