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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:A lack of coherent economic policies in Egypt: inadequate industrial strategies and lessons to be learnt from the newly industrialized countries
Author:Soliman, Nadia Hassan
Year:1995
Periodical:L'Égypte contemporaine
Volume:86
Issue:439-440
Pages:21-52
Language:English
Geographic term:Egypt
Subjects:economic policy
industrial policy
Abstract:The failure of the Egyptian industrial sector is due, amongst others, to the wrong form of government intervention. The overall performance of the Egyptian economy since the 1960s has been poor. This can be attributed to the inability of policymakers to adopt or implement a coherent economic development strategy encompassing a long-term strategy for industrial growth. Economic policies have too often been dictated by political ideology or by what is in vogue: import substitution in the 1960s, liberalization in the 1970s and, most recently, privatization in the 1980s. However, the adoption of a purely market-based system in itself will not necessarily lead to industrial success. Egypt lacks the mature economic system, in terms of financial environment, legal institutions and regulatory bodies to monitor corporate activities, necessary to contemplate a free market-based system as an instrument for industrial development. The deficiencies of economic policymaking in Egypt, in particular industrial policy, are examined in the light of the experience of the newly industrialized countries, notably Korea, to identify how State intervention in Egypt has failed whereas in other countries it has succeeded. Bibliogr., notes.
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