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The Middle East Needs to Rediscover its Market Roots

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  • Nima Sanandaji

Abstract

Enterprise, banking, free markets and free‐market economic policies are often assumed to have a relatively new Western origin. In fact, the practice of market exchange had already evolved 4,000 years ago in the ancient Middle East. Later, market‐based economies independently also developed in China and India. The oldest recorded intellectual support for free‐market economic policy is found in ancient Persia and China. Acknowledging the Eastern roots of capitalism is important at a time when Eastern cultures are moving towards a market renaissance.

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  • Nima Sanandaji, 2018. "The Middle East Needs to Rediscover its Market Roots," Economic Affairs, Wiley Blackwell, vol. 38(3), pages 348-356, October.
    • Handle: RePEc:bla:ecaffa:v:38:y:2018:i:3:p:348-356
    DOI: 10.1111/ecaf.12309
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