Economic Development in the Middle East Introduction.

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Presentation transcript:

Economic Development in the Middle East Introduction

Economic Development Development = Growth plus Change Growth: sustained improvement in the level of per capita income Change: sustained improvement in institutions and organizations that support growth

Economic Growth Gross Domestic Product (GDP) = Market value of all final goods and services produced in one year Real GDP = GDP in constant prices Economic Growth = percentage change in Real GDP

Supporting Institutions Family Culture Religion Law

Supporting Organizations Government Education Health Business

Economic Development Approaches: Market Orientation or Capitalism: Large private sector and small public sector Government Intervention or Socialism: Large public sector and small private sector

Period of Study The 1950s: Independence, nation building, creation of Israel and beginning of military conflict in the ME The 1960s: Decade of growth, land reform, nationalism, and continued military conflict in the ME

Period of Study The 1970s: Oil boom, modernization, urbanization, military conflict, and revolution The 1980s: Economic decline, rise of religious fundamentalism, and interstate war

Period of Study The 1990s: Budget deficit and national debt, and war The 2000s: Continued military conflict, international terrorism, and aspiration for democracy

Why Not Western Theories? Religion of Islam Oil Revenue Traditional markets Military conflict

Why Not Western Theories? Religion of Islam: Encourages mutually beneficial trade Encourages charity to help the poor Prohibits the taking of interest Regulates family law (marriage & inheritance)

Why Not Western Theories? Oil Revenue: Greater personal income/wealth inequality Greater regional income/wealth inequality Rapid modernization and urbanization Neglect of agriculture Military expansion and war Continued reliance of exports

Why Not Western Theories? Traditional vs. Modern Markets: Traditional (bazaar or souk) with little outside interaction Modern but not free of government intervention

Why Not Western Theories? Political conflict & war Built-in territorial dispute between neighboring countries, resulting in inter-state wars Inability to resolve the Arab-Israeli conflict Rise of nationalism and fundamentalism Lack of democracy and freedom

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