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 powerful financial obstacle of the mid-1980s and the reconstruction coverage that produced susceptible development and excessive executive indebtedness.

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Additional 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)

Example text

They are the products of human design, shaped by social and political institutions that affect economic decisions and developments in a significant manner. Douglas North defines institutions as “the humanly devised constraints that. . define the incentive structure of societies and specifically economies”. 59 57 58 59 See Dillard, 1989, in particular pages 604–5 and footnote 3. Rizvi, 1991, p. 2. Landesmann and Pagano, 1994, p. 199. GASPARD_F3_5-41 11/11/03 11:23 AM Page 28   28 As products of human institutions, economic systems are therefore open systems, also called non-ergodic or non-deterministic systems.

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.

In other words, Hahn and Solow’s conclusion is that the pure NC model does not survive even simple and “realistic” changes in the assumptions of the model. Their overall view is that market equilibria are usually path-dependent, and that there is often room for stabilizing policies instead of just leaving it to the market. , p. 8. The definition is by Scitovsky (in Datta-Chaudhuri, 1990). Johansson, 1991, p. 89. See Krueger, 1990; Stern, 1991. GASPARD_F3_5-41 11/11/03 11:23 AM Page 13     13 So what is the common ground on which pure and Keynesian NC economists stand?

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