A Political Economy of Lebanon, 1948-2002: The Limits of by Toufic Gaspard

By Toufic Gaspard

This paintings assesses Lebanon's improvement adventure in the course of 1948-2002, a case examine of laissez-faire functionality over greater than 50 years. The textual content analyzes the robust financial situation of the mid-1980s and the reconstruction coverage that produced vulnerable progress and excessive executive indebtedness.

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Extra resources for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)

Sample text

Krueger (1990) thus finds that there are also widespread government failures in development owing to corruption, rent-seeking activities and price distortions, all resulting from the fact that governments are neither selfless nor costless. 21 Hayek (1988) has expressed the NC view better and more pointedly than many of his colleagues. Above all, according to him, no central mechanism can ever collect and process economic information as efficiently as the decentralized market. Moreover, governments are naturally inefficient and even counterproductive, for they have become charitable institutions distributing advantages to isolated interest groups whereas their revenues originate from a much larger number of taxpayers.

GASPARD_F3_5-41 11/11/03 11:23 AM Page 35     35 as aberrations or adjustment phenomena. Moreover, sustained growth requires continuous technical progress, which takes the form of new products and processes of production. Few economists discussed technical progress in significant detail. Among the modern economists of the twentieth century, only Schumpeter gave it a critical role in his explanation of growth and development. Adam Smith identified technical progress with the division of labor, which is governed by the size of the market.

G. 65 Even 64 65 Sagasti, 1997, p. 1563. Chakravarty, 1990, p. 235. 67 Although the NC strictures against the significant and extensive inefficiencies resulting from government intervention in LDCs are often well founded and well taken, historical examples of successful intervention are also plentiful. 68 More recently, the economic success stories of Southeast Asian economies owe much to the highly interventionist role of the state. 69 The economic policy choice, however, should not necessarily be a binary one of total or no market.

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