Given that trillions of dollars have been pumped into Western economies because of the pandemic, it will be difficult to argue after the lockdown is eased that money is not available for social and health programs to help the poor.
The balance of power is likely to shift away from the West toward Asia in the aftermath of the pandemic. This is based on how Asian countries have dealt with pandemic compared to Western countries.
In case of government debt, politics usually plays an important role in the decision to open and close the debt tap and in Lebanon everything is political. It seems that debt lenders—international financial institutions—have a vested interest in keeping the debt cycle going.
Unlike most other countries, Iran’s economy is deeply linked to its political and security situation. Without taking this aspect into consideration, its economis progress cannot be properly evaluated.
According to official pronouncements from Islamabad, Pakistan has never had it so good economically under the present dispensation. Officials point to the booming real estate and stock markets as well as rising sale of commodities such as cars, particularly the number of Mercedes Benzes on the road, to support their case.
A Grand Delusion: Democracy and Economic Reform in Egypt by Eberhard Kienle. Pub: I B Taurus, London & New York, 2001. Pp: 274. Hbk: $24.50.
