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Iraq: Private ownership of oil and the quest for democracy

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  • Razzak, Weshah

Abstract

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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:54

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Keywords: Oil; private ownership; development;

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  1. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 106(2), pages 407-43, May.
  2. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, Elsevier, vol. 16(2), pages 141-163, September.
  3. Peter J. Boettke & Christopher J. Coyne & John Davis & Francesco Guala & Alain Marciano & Jochen Runde & Margaret Schabas, 2006. "Where Economics and Philosophy Meet: Review of the Elgar Companion to Economics and Philosophy with Responses from the Authors," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 116(512), pages F306-F325, 06.
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