Razzak, Weshah (2006): Iraq: Private ownership of oil and the quest for democracy.
Download (54kB) | Preview
I argue that state-ownership and state-management of oil on behalf of the Iraqi people is not conducive to democracy and inconsistent with the principles of free market. I also argue that it can adversely affect economic development and might further impoverish the average Iraqi citizen. To resolve the problems, this note proposes a change to the “political” rules; i.e., change the Iraqi constitution, and provides an economic strategy to transfer oil wealth to the Iraqi people.
|Item Type:||MPRA Paper|
|Original Title:||Iraq: Private ownership of oil and the quest for democracy|
|Keywords:||Oil; private ownership; development|
|Subjects:||Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q4 - Energy > Q43 - Energy and the Macroeconomy
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q32 - Exhaustible Resources and Economic Development
P - Economic Systems > P1 - Capitalist Systems > P14 - Property Rights
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q4 - Energy > Q48 - Government Policy
|Depositing User:||Weshah Razzak|
|Date Deposited:||03. Oct 2006|
|Last Modified:||21. Feb 2013 01:07|
Barro, R., “Economic Growth in a Cross-Section of Countries,” Quarterly Journal of Economics, 106, 407-443, 1991.
Boettke, P. J., C. J. Coyne, J. Davis, F. Guala, A. Marciano, J. Runde and M. Schabas, “Where Economics and Philosophy Meet: Review of the Elgar Companion to Economics and Philosophy with Responses from the Authors,” The Economic Journal, 116 (June), F306-F325, 2006.
Buchanan, J. M., Cost and Choice, Chicago, Markham Publishing.
Chafuen, A. and E. Guzman, “Bureaucratic Corruption in Africa: The Futility of Cleanups,” Cato Journal 16, no. 1 (Spring/Summer 1996).
Easterly, W., The Elusive Quest for Growth, The MIT Press, Cambridge, MA, 2002.
Friedman, M., Capitalism and Freedom, 14th Edition, (1962).
Hayek, F., The Road to Serfdom , Chicago Press, University of Chicago, 1944.
Heitger, B., “Property Rights and their Impact on the Wealth of Nations: Cross-Country Study,” Keil Working Paper No. 1163, 2003.
Kormendi, R. and P. MeGuire, “Macroeconomic Determinants of Growth: Cross-Section Evidence,” Journal of Monetary Economics 16, 141-163, 1985.
O’Driscoll, G. Jr. and L. Hoskins, “Property Right: Key to Economic Development,” Cato Institute, August 7, 2003.
Pipes, R., “Private Property, Freedom and the Rule of Law,” The Hoover Digest, The Hoover Institution, 2000.
Rotunda, R. D., “Iraq, Oil and Democracy,” The Cato Institution, April 2004.
Rosenberg, N. and L. E. Birdzell, How the West Grew Rich: The Economic Transition of Industrial World, New York Basic Books, 1986.
Walsh, C., “Optimal Contract for Central Banks,” American Economic Review 85 (1), March 1995, 150-16.
Wolf, C., “A Plan for Iraq: Shareholders Don’t Shoot Each Others,” Wall Street Journal, 2005.