By Toufic Gaspard
This paintings assesses Lebanon's improvement adventure in the course of 1948-2002, a case research of laissez-faire functionality over greater than 50 years. The textual content analyzes the powerful financial concern of the mid-1980s and the reconstruction coverage that produced susceptible development 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)
PK theory also views competition diﬀerently from NC theory. 60 As long as capital, however organized, is free to move, then “. . the competitive process of the individual ﬁrm is directed more at securing the most favorable terms of growth than the most favorable terms of trade per se . . Competition, as Mrs. 62 Feedbacks from economic actions or processes 60 61 62 See Clifton, 1977, 1983. , 1977, p. 149. See Arthur, 1998. GASPARD_F3_5-41 11/11/03 11:23 AM Page 29 29 engender path dependency.
In the same spirit, but for diﬀerent reasons, Leibenstein’s concept of Xineﬃciency, which results from a misuse rather than from a misallocation of resources, shows that allocative ineﬃciency is far less 40 41 42 See Clifton, 1977, 1983. See Davidson, 1991. See Goodwin, 1988. GASPARD_F3_5-41 11/11/03 22 11:23 AM Page 22 serious an economic problem than other types of ineﬃciency. Xineﬃciency may be due, for instance, to traditional educational systems, behavior and institutions, particularly but not exclusively in LDCs.
Financial crises and high rates of unemployment recur too frequently in too many countries to be discounted 76 See Baran and Sweezy, 1966. 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.
A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia) by Toufic Gaspard