Economic liberalization has failed in the Arab world. Instead of ushering in economic dynamism and precipitating democratic reform, it has over the last three decades resulted in greater poverty, rising income inequality and sky-rocketing rates of youth unemployment. In How Capitalism Failed the Arab World, Richard Javad Heydarian shows how years of economic mismanagement, political autocracy and corruption have encouraged people to revolt, and how the initial optimism of the uprisings is now giving way to bitter power struggles, increasing uncertainty and continued economic stagnation. A unique and provocative analysis of some of the key social and political events of the last decade.

Economic liberalization has failed in the Arab world. Instead of ushering in economic dynamism and precipitating democratic reform, it has over the last three decades resulted in greater poverty, rising income inequality and sky-rocketing rates of youth unemployment. In How Capitalism Failed the Arab World, Richard Javad Heydarian shows how years of economic mismanagement, political autocracy and corruption have encouraged people to revolt, and how the initial optimism of the uprisings is now giving way to bitter power struggles, increasing uncertainty and continued economic stagnation. A unique and provocative analysis of some of the key social and political events of the last decade.

Egypt has undergone significant economic liberalization under the auspices of the International Monetary Fund, the World Bank, USAID, and the European Commission. Yet after more than four decades of economic reform, the Egyptian economy still fails to meet popular expectations for inclusive growth, better standards of living, and high-quality employment. While many analysts point to cronyism and corruption, Amr Adly finds the root causes of this stagnation in the underlying social and political conditions of economic development. Cleft Capitalism offers a new explanation for why market-based development can fail to meet expectations: small businesses in Egypt are not growing into medium and larger businesses. The practical outcome of this missing middle syndrome is the continuous erosion of the economic and social privileges once enjoyed by the middle classes and unionized labor, without creating enough winners from market making. This in turn set the stage for alienation, discontent, and, finally, revolt. With this book, Adly uncovers both an institutional explanation for Egypt's failed market making, and sheds light on the key factors of arrested economic development across the Global South.

The financial and economic crisis that began in 2008 is the most alarming of our lifetime because of the warp-speed at which it is occurring. How could it have happened, especially after all that we've learned from the Great Depression? Why wasn't it anticipated so that remedial steps could be taken to avoid or mitigate it? What can be done to reverse a slide into a full-blown depression? Why have the responses to date of the government and the economics profession been so lackluster? Richard Posner presents a concise and non-technical examination of this mother of all financial disasters and of the, as yet, stumbling efforts to cope with it. No previous acquaintance on the part of the reader with macroeconomics or the theory of finance is presupposed. This is a book for intelligent generalists that will interest specialists as well. Among the facts and causes Posner identifies are: excess savings flowing in from Asia and the reckless lowering of interest rates by the Federal Reserve Board; the relation between executive compensation, short-term profit goals, and risky lending; the housing bubble fuelled by low interest rates, aggressive mortgage marketing, and loose regulations; the low savings rate of American people; and the highly leveraged balance sheets of large financial institutions. Posner analyzes the two basic remedial approaches to the crisis, which correspond to the two theories of the cause of the Great Depression: the monetarist--that the Federal Reserve Board allowed the money supply to shrink, thus failing to prevent a disastrous deflation--and the Keynesian--that the depression was the product of a credit binge in the 1920's, a stock-market crash, and the ensuing downward spiral in economic activity. Posner concludes that the pendulum swung too far and that our financial markets need to be more heavily regulated. Read Richard Posner's blog, and his latest article in The Atlantic.

This volume provides new perspectives on crony capitalism in the Middle East. It draws on rich empirical information on the activities of political connected firms in the economy and their impact on private sector development in the region.

While the outcomes of the tumultuous uprisings that continue to transfix the Arab world remain uncertain, the root causes of rebellion persist. Drawing upon extensive empirical research, Lineages of Revolt tracks the major shifts in the region’s political economy over recent decades. In this illuminating and original work, Adam Hanieh explores the contours of neoliberal policies, dynamics of class and state formation, imperialism and the nature of regional accumulation, the significance of Palestine and the Gulf Arab states, and the ramifications of the global economic crisis. By mapping the complex and contested nature of capitalism in the Middle East, the book demonstrates that a full understanding of the uprisings needs to go beyond a simple focus on “dictators and democracy.”

8 Where do we go from here? Finding the true path to an Arab SpringNotes; References; Index.