By Toufic Gaspard

This paintings assesses Lebanon's improvement event in the course of 1948-2002, a case research of laissez-faire functionality over greater than 50 years. The textual content analyzes the robust financial concern of the mid-1980s and the reconstruction coverage that produced vulnerable development and excessive executive indebtedness.

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Extra resources for A Political Economy of Lebanon, 1948-2002: The Limits of Laissez-Faire (Social, Economic and Political Studies of the Middle East and Asia)

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62 Feedbacks from economic actions or processes 60 61 62 See Clifton, 1977, 1983. , 1977, p. 149. See Arthur, 1998. GASPARD_F3_5-41 11/11/03 11:23 AM Page 29     29 engender path dependency. Diminishing returns are negative and increasing returns positive feedbacks. 63 In other words, collective or concerted action can reduce uncertainty and instability, and actively promote economic growth and development. In sum, Post-Keynesianism has revealed fundamental inconsistencies and limitations in NC theory, which has benefited from this critique.

35 The limitations of the demand and supply apparatus as a general analytical framework for value theory further forces NC economics into a short-period equilibrium type of analysis. 36 31 Bharadwaj, 1986, p. 27 (emphasis in the original). Goodwin, 1988, pp. 143–145. 33 Notice that PK economists, for instance Pasinetti (1981), also use the assumption of full employment of resources to define equilibrium, but theirs is used in a different dynamic context with changing technologies and no emphasis on constraints.

Economic policy matters. Eatwell and Milgate (1983) note that an explanation of market failures through market imperfections is a misunderstanding of Keynes. Rather, the market is governed by systematic and objective forces that are independent of imperfections, including uncertainty. These forces vary in their workings and impact according to changes in the political, cultural and technological environments that characterize historical epochs. They can systematically bring about market failures in critical markets, such as employment, in contrast to NC economics that sees a tendency in the market mechanism to ensure full utilization of resources.

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