By Toufic Gaspard

This paintings assesses Lebanon's improvement event in the course of 1948-2002, a case learn of laissez-faire functionality over greater than 50 years. The textual content analyzes the powerful financial challenge of the mid-1980s and the reconstruction coverage that produced vulnerable development and excessive govt indebtedness.

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

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The aim then was “to achieve, in the span of one generation, the material standards of living that the industrialized West achieved in three generations or more, but without incurring in the heavy 63 See Rosenberg, 1994. 64 Now, more than two generations later, development policy has shifted toward poverty alleviation, which constitutes an implicit recognition of the failure of mainstream policies in the promotion of growth and development. Mainstream NC or Keynesian theories, which, anyway, were designed to address issues that are pertinent to industrial countries, have not been successful in the identification of the major economic problems encountered by LDCs.

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. In South Korea, the state was interventionist in the domestic sector but pursued free trade abroad. 70 This is an interesting illustration of a successful coordination response to uncertainty and market failure, and from a central authority that is not necessarily governmental.

In a similar vein, the NC Keynesians acknowledge the limitations of the pure NC model. These are mostly empirical in nature, relating to the absence of competitive and complete markets. The limitations are important because they may invalidate the two Fundamental Theorems on which the optimality of the market form of economic organization rests. Market power, or the presence of monopolistic elements in general, implies that even if a Pareto-efficient equilibrium exists it may not be decentralized or achievable by the existing market process.

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