The Economy of Iraq: Oil, Wars, Destruction of Development and Prospects, 1950-2010 (Contributions in Economics and Economic History) [Hardcover]

Abbas Alnasrawi (Author)

Book Description

ISBN-10: 0313291861 | ISBN-13: 978-0313291869 | Publication Date: March 30, 1994

The economy of Iraq has fluctuated wildly since the 1950s. It has been affected by changes in governments, 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 Iraqi economy 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 in oil revenue, the war between Iran and Iraq, and the invasion of Kuwait and its aftermath. The discussion begins with the burst of Iraq's oil industry and the development policies under the monarchy. Subsequent chapters highlight development planning during the first ten years of the republic, the development plans of the ruling Baath party, the distructive consequences of the Iran-Iraq war and the recent invasion of Kuwait, and the future of the Iraqi economy to the year 2010. This in-depth examination puts this subject into a manageable context for students of the Middle East, multinational oil, Third World development, and international relations.

Editorial Reviews

Review

“The book provides good background on the early history of oil development with discussion of concession agreements, pricing arrangements, and the resulting growth of output leading ultimately to nationalism of the industry, establishment of the Organization of Petroleum Exporting Countries (OPEC), and the pricing revolution of 1973.”–Choice

“...a comprehensive study of the political economy of modern Iraq. This book is valuable for both the specialist and nonspecialist alike. Researchers, diplomats, and journalists seeking to understand the complex issues and problems related to Iraq ought to read The Economy of Iraq.”–Digest of Middle East Studies

“...a well-documented survey of the economic history of Iraq since 1950. A book rich in details.”–Journal of Energy and Development

“Alnasrawi's important study will no doubt become a classic in the all too rapidly growing literature on policy failure in the developing world. His study presents a sophisticated and fascinating account of the damage a reckless regime can inflict. It should be on the shelf of anyone wishing to look beyond the headlines and understand what really went wrong in Iraq.”–Middle East Studies Association Bulletin

About the Author

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

Product Details

• Hardcover: 208 pages
• Publisher: Greenwood Press (March 30, 1994)
• Language: English
• ISBN-10: 0313291861
• ISBN-13: 978-0313291869
• Product Dimensions: 9.1 x 6.1 x 0.7 inches
• Shipping Weight: 14.4 ounces
• Average Customer Review: 3.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #7,301,612 in Books (See Top 100 in Books)

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Customer Reviews

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4 of 4 people found the following review helpful:

3.0 out of 5 stars The Economy of Iraq, July 22, 2001

By 

Daniel Pipes, Middle East Forum, Philadelphia (Philadelphia, PA) - See all my reviews

This review is from: The Economy of Iraq: Oil, Wars, Destruction of Development and Prospects, 1950-2010 (Contributions in Economics and Economic History) (Hardcover)

Alnasrawi does not so much survey the Iraqi economy as concentrate on two key aspects, the oil industry and the Ba`th Party's policies. The latter includes not only specifically economic decisions (such as the various national development and investment plans) but also the enormous impact of Saddam Husayn's two wars (against Iran and the Desert Storm coalition) on Iraq's economic destiny. The author concludes his study with a particularly interesting consideration of Iraq's economic future.

Alnasrawi begins this assessment by noting that (measured in 1980 prices) Iraq in 1960 had a GDP of about $8.7 billion. Thanks mainly to oil exports, the economy grew to the point that in 1979 it reached $54 billion. Then, thanks to Saddam's many mistakes, it declined to $10 billion-or, about where it had been thirty years earlier. But things are actually worse than they appear, for Iraq's population tripled in the intervening years, meaning that the per capita income in 1993 was about a third of what it was in 1960. (And given recent trends, it is probably yet much lower in 1995.) In fact, per capita income has by now reverted to where it was in the 1940s. How, then, looks the future? Alnasrawi argues that even if the authorities in Baghdad started doing everything right, the country will "labor under a vicious cycle of debt and underdevelopment" for many years. Per capita income will not return to its 1950s levels for decades; thanks to the Ba`th and Saddam Husayn, "The economic future of Iraq looks bleak indeed."

Middle East Quarterly, March 1995