Iraq's burdens: oil, sanctions, and underdevelopment
Greenwood Publishing Group, Incorporated, 2002 - Technology & Engineering - 179 pages
Oil revenue has been an economic curse for Iraq. In the second half of the 20th century the international oil sector shaped Iraq's economy, forcing it to rely too heavily on revenue brought in by oil production and exports. Iraq's failure to use copious oil rents to diversify the economy has proven disastrous for its people and economy. Its over-reliance on oil revenues coupled with the consequences of its war with Iran, the Gulf War, and the ensuing economic sanctions have led the country to economic destruction, sanctions, and enormous debt. Iraq is a major oil producing country, a founding member of OPEC, and possesses the world's second highest amount of oil reserves. Yet few studies exist on Iraq's oil industry and its impact on the economic and political fortunes of the country. Alnasrawi remedies this by helping us understand this important Arab, Middle Eastern, oil-exporting country that has been a constant focus of U.S. foreign policy since 1990. Alnasrawi concludes that the availability of capital is an insufficient condition for economic development, and may in fact retard it, as it did in this now reviled and wrecked country.
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The Rise and Decline of a National Oil Industry
Oil and Development in Iraq
Invasion Sanctions and Bombing
5 other sections not shown
Actual agricultural sector allocation Arab August Baath Party Baghdad barrel billion changes civilian collapse Compensation Fund concession continued contracts crisis crude oil decade decision decline demand for oil dependent dinar East Economic Survey economy of Iraq embargo equipment expenditure Food and Agriculture foreign debt government of Iraq growth Gulf humanitarian impact imports increase inflation infrastructure invasion of Kuwait investment Iran Iranian revolution Iraq-Iran Iraq's oil Iraqi dinar Iraqi economy Iraqi oil industry major ment Middle East Economic Middle East oil military mission national oil nomic oil companies oil output oil prices oil reserves oil sales oil sector oil-for-food program oil-producing countries OPEC's percent period political population postsanctions private sector problem production quotas resolution 986 Saddam Hussein Sanctions Committee sanctions regime Saudi Arabia social spending supply targets tion U.N. Security Council United Nations 1996 UNSC adopted world market