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Iraq: Private ownership of oil and the quest for democracy revisited

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  • Razzak, Weshah

Abstract

In Razzak (2006), I argued that the state-ownership and the state-management of oil (on behalf of the Iraqi people) is not conducive to democracy and economic development. Iraqis have had dictators for decades. They were only able to maintain power by controlling the oil. The events of 2019 uprising confirmed that. I also argued that it could impoverish the average Iraqi citizen. This has become clear to everyone now. The statistics demonstrate that the average Iraqi is poor. The new political establishment has failed to develop the economy and squandered Iraq’s oil wealth. In 2006, I proposed a change to the Iraqi constitution regarding oil and provided a strategy of a gradual transfer oil wealth to the Iraqi people. In this paper, I revise my idea based on the new information that became available from the recent uprising of the Iraqi people in 2019, and argue for an immediate transfer of oil wealth to the Iraqi people.

Suggested Citation

  • Razzak, Weshah, 2019. "Iraq: Private ownership of oil and the quest for democracy revisited," MPRA Paper 98721, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:98721
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    References listed on IDEAS

    as
    1. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 407-443.
    2. Heitger, Bernhard, 2003. "Property rights and their impact on the wealth of nations: a cross-country study," Kiel Working Papers 1163, Kiel Institute for the World Economy (IfW Kiel).
    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, vol. 116(512), pages 306-325, June.
    4. Razzak, Weshah, 2006. "Iraq: Private ownership of oil and the quest for democracy," MPRA Paper 54, University Library of Munich, Germany.
    5. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
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    More about this item

    Keywords

    Oil; private ownership; democracy; development;
    All these keywords.

    JEL classification:

    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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