Download e-book for iPad: Middle East Oil Exporters: What Happened to Economic by Hossein Askari

By Hossein Askari

ISBN-10: 1845429095

ISBN-13: 9781845429096

'This quantity is exclusive and remarkable within the means that it ties jointly a number of political and fiscal dimensions to attract an image of the long run heart East situations. It provides us a far-reaching research of the explanations underlying financial stipulations within the significant oil-exporting nations of the center East. It additionally offers a entire and confident blueprint for a social, political and financial turnaround. Hossein Askari's insider adventure in each one of these nations makes this priceless paintings a must-read for experts and scholars of the area.' - Hossein Razavi, Director of Finance, inner most region and Infrastructure division, heart East and North Africa sector, the realm financial institution, US

Hossein Askari argues the following that fiscal and social failure within the oil-exporting nations of the center East is due to the even more than easily shortcomings in fiscal rules. He analyzes faith, corruption, instability, wars and international interference as components affecting the sector and gives options that comprise Islamic teachings, neighborhood peace efforts, market-oriented monetary rules, sound associations and unselfish coverage aid from the West.

Middle East Oil Exporters offers a close photograph of the commercial constitution and a severe survey of the hot fiscal functionality of the heart East. the point of interest is principally at the huge oil-exporting international locations, even if the smaller manufacturers are represented besides. the writer illustrates how oil has turn into a crutch to prevent reforms, destroying the paintings ethic of the area, fuelling corruption and poisoning the social and cultural cloth of society to maintain unpopular governments in energy. In addition, he offers a view of the social, financial, and political implications of Islamic doctrine. during this context he examines the associations of governance and determines that they've played poorly, frequently in blatant violation of Islamic rules. This in-depth research is observed by way of a accomplished prescription for a turnaround within the heart East.

Hossein Askari's distinct and insightful critique is vital studying for scholars and students of the center East, in addition to policymakers concerned within the area. Executives of economic associations and personal firms also will are looking to comprehend the area for his or her power wishes and as a marketplace for their services.

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Additional info for Middle East Oil Exporters: What Happened to Economic Development?

Sample text

Where has Islam hurt economic performance and where could it have helped? It may be appropriate, however, to address briefly here the two aspects of an Islamic financial system that have received the most attention in the nonIslamic world: (1) the prohibition of interest and its impact on the financial sector, on the conduct of monetary policy and on economic growth and development; and (2) Islamic charity tax or zakah. The fundamental reason for the prohibition of interest in Islam is that the depositor should not profit unduly from the hard work and risk-bearing of others.

40 Individuals who are employed but underpaid may receive zakah payments so that they can earn a living wage, and those with refugee status may receive zakah as well. 43 Again, it must be stressed that zakah is not a substitute for taxation by the state to address the broad social and economic needs of society. Islam instituted compulsory zakah payments because every capable member of the ummah is required to contribute to the development of a learned and economically prosperous social order. 45 Independent social spending, according to Islam, is the best possible way for members of the Islamic social order to promote a more equitable distribution of wealth and resources.

The role of the state can be summarized: . . first to ensuring that everyone has equal liberty or access to natural resources and means of livelihood. Second, to ensure that each individual has equal opportunity including education, skills and technology – to utilize these resources. Third, to ensure that markets are supervised such that catalectic justice can be attained. Fourth, to ensure that transfer takes place from those more able to those less able . . And, finally, that distributive justice is ensured for the next generation through the laws of inheritance.

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Middle East Oil Exporters: What Happened to Economic Development? by Hossein Askari


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