Thursday, June 14, 2012

The Unresolved Question of Egypt's Economy

By Ramzy Baroud
Palestine Chronicle

".....It is expected that Egypt’s intense public discussions in the current phase will be fixed on foundational issues such as the formation of a constitutional assembly and a redefinition of the rule of SCAF. But Egypt’s economy is deeply flawed. An IMF-style free market economy is of no use to millions of Egyptians when they lack proper education and the most basic rights and opportunities. For an Egyptian day laborer to have a better life in a country with a huge and growing income gap between rich and poor, something fundamental needs to take place.

Referencing ‘social justice’ while negotiating IMF loans suggests a precarious start for any truly fundamental economic reforms. While Hamdeen Sabahy is no longer in the race to challenge the free market wisdom of his contenders, the debate must not end here."

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