The Mediterranean Debt Crescent: Money and Power in Algeria, Egypt, Morocco, Tunisia, and Turkey / Edition 1

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1996 Hardcover A Brand New copy, unused and unread. Christmas 2014 Please note that any International orders received after 30th November may not be received in time for ... Christmas. European orders need to be placed by 8th December for delivery before Christmas. Orders to UK addresses, the last posting day for 2nd Class mail is 16th December. The offices will be closed between 24th-26th December, any orders received during this time will be processed on 29th December, please allow for post delays over New. *****PLEASE NOTE: This item is shipping from an authorized seller in Europe. In the event that a return is necessary, you will be able to return your item within the US. To learn more about our European sellers and policies see the BookQuest FAQ section***** Read more Show Less

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"Rich new material. . . . combines a great deal of original material with a comparative sweep which is rare in Middle Eastern studies. It also deals fairly and squarely with some of the most important questions relating to the contemporary Middle Eastern economy."—Roger Owen, Harvard University

"An important and long-awaited book. It will make a major impact on and contribution to the fields of Middle Eastern studies and comparative politics. . . . illuminates a key determinant of political change throughout the Arab world that has remained obscure in even the most comprehensive existing studies of the region's political economy: the banking system."— Fred Lawson, Mills College

Calling bankers the "midwives of political change," Clement M. Henry explores the relationships between market power and political power in five Muslim countries burdened by heavy external debts.
 Commercial banks occupy a strategic position in patrimonial politics: while they normally serve state patronage machines, they may unravel fragile political regimes when forced by international creditors to reform their credit practices. Under certain conditions finance capitol may acquire structural power and offer a material base for political pluralism.
 Henry examines the impact of financial reform and shows how authoritarian regimes have responded, looking especially at the lost opportunities for democratization in Algeria, Egypt, and Tunisia and the more promising efforts in Morocco and Turkey. The biggest surprise to Western readers, he says, may be that Islamic banks still seem to be a key to democratization in much of the region. 
 The author draws extensively on financial statements of individual banks and on historical materials and interviews with financial and political elites. Because of its comparative treatment of the Crescent's 19th-century debt crises—associated with various forms of Western domination—the book will be of interest to colonial historians as well as to political economists, sociologists, and bankers and other business people.

Clement M. Henry, professor of government and Middle East studies at the University of Texas at Austin, directed the Business School at the American University of Beirut from 1981 to 1984. He is the coeditor of Oil in the New World Order (UPF, 1995) and, under the name Clement Henry Moore, is the author of Images of Development: Egyptian Engineers in Search of Industry (2nd edition, American University in Cairo Press, 1994) and editor of Maghreb et Maîtrise Technologique (Tunis: CERP, 1995).

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Product Details

  • ISBN-13: 9780813013800
  • Publisher: University Press of Florida
  • Publication date: 1/28/1996
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 424
  • Product dimensions: 6.37 (w) x 9.35 (h) x 1.32 (d)

Table of Contents

List of Abbreviations
1 Financial Reform and Political Change 1
2 External Debts and Economies of Adjustment 26
3 Political Strategies of Reform 65
4 Turkey: The Financial Levers of Power 98
5 Finance Capital in Morocco 135
6 Algeria and Tunisia: In Search of Financial Power 160
7 Egypt's Fragmented Finance Capital 212
8 Islamic Capital and Islamist Politics in Egypt 258
9 The Debt Crescent in Comparative Perspective 283
Notes 301
Bibliography 307
Index 323
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