The Blogiston Post

Politics, money, and war.

Monday, September 22

a very bad idea

An article has appeared in the Washington Post that warrants attention and reading, Economic Overhaul for Iraq , Only Oil Excluded From Foreign Ownership
The U.S.-led occupation authority here has ordered the overhaul of fundamental elements of Iraq's socialist economy and instituted wide-ranging free-market reforms that will allow full foreign ownership in every sector except oil, U.S. and Iraqi officials said today.

The new policy, enacted on Saturday by U.S. administrator L. Paul Bremer, allows foreign firms to enter and potentially dominate key elements of the economy, from banking to manufacturing, that had been off-limits to outside ownership. Although the sale of businesses to foreigners could prove controversial in this fiercely nationalistic country, U.S. Treasury Secretary John W. Snow said the plan offered a "real promise" of economic revival in Iraq, which is struggling to cope with rampant unemployment, crumbling infrastructure and unproductive state-run industries.

The imposition of free-market reforms in Iraq has long been a goal of the Bush administration. The decision to enact the changes now is part of an American effort to accelerate the recovery of Iraq's decayed economy, which U.S. officials hope will help promote stability.
Next stop, the US? After all, it might boost the economy.


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