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Iranian Economy in Twentieth Century: A Global Perspective

Author

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  • Hadi Salehi Esfahani

    (University of Illinois)

  • M. Hashem Pesaran

    (University of Cambridge and USC)

Abstract

This paper examines the economic transformation of Iran in a global context through the twentieth century. At the start of that century, the Iranian economy had long remained stagnant, poor, and largely agrarian, with a marginal role in the world economy. By the turn of 21st century, Iran had transformed into a complex and relatively large economy with a non-negligible impact on many parts of the world. While the initial conditions and the evolution of domestic institutions and resources played major roles in the pace and nature of that transformation, relations with the rest of the world had crucial influences as well. This paper focuses on the latter forces, taking into account their interactions with domestic factors in shaping the particular form of economic development in Iran. We study the ways in which the development of the Iranian economy was affected by international price movements and by the ebbs and flows of trade, investment and worldwide economic growth. In considering these effects, we also analyze the role of domestic political economy factors and policies in enhancing or hindering the ability of domestic producers to respond to external challenges and opportunities.

Suggested Citation

  • Hadi Salehi Esfahani & M. Hashem Pesaran, 2008. "Iranian Economy in Twentieth Century: A Global Perspective," Working Papers 452, Economic Research Forum, revised 09 Jan 2008.
  • Handle: RePEc:erg:wpaper:452
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    References listed on IDEAS

    as
    1. Akbar E. Torbat, 2005. "Impacts of the US Trade and Financial Sanctions on Iran," The World Economy, Wiley Blackwell, vol. 28(3), pages 407-434, March.
    2. Robert C. Feenstra & Robert E. Lipsey & Haiyan Deng & Alyson C. Ma & Hengyong Mo, 2005. "World Trade Flows: 1962-2000," NBER Working Papers 11040, National Bureau of Economic Research, Inc.
    3. Pamuk, Şevket, 2006. "Estimating Economic Growth in the Middle East since 1820," The Journal of Economic History, Cambridge University Press, vol. 66(3), pages 809-828, September.
    4. Esfahani, Hadi Salehi & Squire, Lyn, 2007. "Explaining trade policy in the Middle East and North Africa," The Quarterly Review of Economics and Finance, Elsevier, vol. 46(5), pages 660-684, February.
    5. Gary Clyde Hufbauer & Jeffrey J. Schott & Kimberly Ann Elliott, 1990. "Economic Sanctions Reconsidered: 2nd Edition," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 82, January.
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    Cited by:

    1. Esfahani, Hadi Salehi & Mohaddes, Kamiar & Pesaran, M. Hashem, 2013. "Oil exports and the Iranian economy," The Quarterly Review of Economics and Finance, Elsevier, vol. 53(3), pages 221-237.
    2. Abdelrehim, Neveen & Maltby, Josephine & Toms, Steven, 2012. "Accounting for power and control: The Anglo-Iranian oil nationalisation of 1951," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(7), pages 595-607.
    3. Neveen Abdelrehim, 2022. "Corporate Governance and Corporate Failure in the Oil Industry: Historical Analysis of Anglo Iranian Oil Company," Eurasian Journal of Business and Management, Eurasian Publications, vol. 10(3), pages 181-189.
    4. Mehrdad Vahabi, 2017. "Coercive state, resisting society, political and economic development in Iran," CEPN Working Papers hal-01583595, HAL.
    5. Vahabi,Mehrdad, 2019. "The Political Economy of Predation," Cambridge Books, Cambridge University Press, number 9781107591370.
    6. Mehrdad Vahabi, 2017. "Coercive state, resisting society, political and economic development in Iran," Working Papers hal-01583595, HAL.

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    More about this item

    JEL classification:

    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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