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Financial Sovereignty and the Possibility of Full Employment in Saudi Arabia

In: The Job Guarantee and Modern Money Theory

Author

Listed:
  • Fadhel Kaboub

    (Denison University
    Binzagr Institute for Sustainable Prosperity)

Abstract

This chapter presents estimates for the economic cost of unemployment and the financial cost of a Job Guarantee program in Saudi Arabia. The analysis demonstrates that while the Job Guarantee option is a cheaper and far more effective choice, one has to carefully address the institutional features of the Saudi economy, workforce readiness, and labor market regulations. The paper also presents a set of financing mechanisms ranging from a full-scale MMT-style financing to more hybrid versions of private–public partnerships, social venture partnerships, and social impact bonds. The paper will close with a set of strategic industries that should be prioritized in the process of diversifying the structure of the Saudi economy and ensuring not only full employment and price stability, but also sustainable prosperity.

Suggested Citation

  • Fadhel Kaboub, 2017. "Financial Sovereignty and the Possibility of Full Employment in Saudi Arabia," Binzagr Institute for Sustainable Prosperity, in: Michael J. Murray & Mathew Forstater (ed.), The Job Guarantee and Modern Money Theory, chapter 0, pages 171-205, Palgrave Macmillan.
    • Handle: RePEc:pal:bifchp:978-3-319-46442-8_8
    DOI: 10.1007/978-3-319-46442-8_8
    as

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