Policy Perspectives
Economic Values in the Arab World Favor Capitalism
No.
25
Date
October, 2018
Topic
Z1.
P5. Comparative Economic Systems
In a nutshell
- There are many economic values that predispose citizens of Arab countries to be part of a market economy, including strong work ethics, comfort with competition and the work of markets, and opposition to large-scale income redistribution.
- The main value that is inimical to the workings of a market economy is a low trust in state institutions, combined with a perception of high levels of corruption both in government and business.
- It is thus imperative to find ways of building trust between citizens and their state institutions to serve as the foundation of future economic growth.
Research Fellows
Ishac Diwan
Director of Research, Finance for Development Lab,...
Authors
Zafiris Tzannatos
Senior Fellow, Lebanese Center for Policy Studies...
Authors
Tarik Akin
Research Specialist at the Ministry of Treasury...