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• W316539144 abstract "The Economy of Modern Israel: Malaise and Promise, by Assaf Razin and Efraim Sadka. Chicago and London: University of Chicago Press, 1993. x + 225 pages. Tables to p. 246. Refs. to p. 250. Index to p. 256. $34.95. In what is essentially book for economists, Assaf Razin and Efraim Sadka review recent economic history of Israel in considerable detail. Chapters 1 and 2 of this work are devoted to providing an analysis of background to and policies of 1985 stabilization program. Although program undoubtedly proved success in curbing Israel's runaway inflation, authors are intensely critical of some of basic policy tools of program's architects, which they believe contributed to 1988-89 recession. The stabilization program, which consisted principally of realignment of key prices and fiscal and monetary restraint, created short-lived boom that rapidly deteriorated into recession. Apparently, recession was totally unforeseen by Israel's policymakers and was largely attributed by them to combined effects of excessive wage increases and intifada (uprising). Razin and Sadka, by contrast, point to persistent and (in their view) mistaken determination of then-Finance Minister Moshe Nissim to maintain freeze on exchange rate and to use it to manipulate wage and price stability. On top of this, restrictions on capital imports intended to limit money supply pushed interest rates uncomfortably high. In short, authors claim, the monetary policy pursued [subsequently] should be viewed as fundamental force driving economy into recession, recession further deepened by intifada and rise in effective tax burden (p. 65). Michael Bruno, governor of Bank of Israel at time, is singled out for particularly heavy criticism. The authors move in succeeding parts of book to discuss some of primary economic issues facing Israel in recent years, notably, impact of intifada and Israel's own stranglehold on economies of occupied territories, implications of emigration from former Soviet Union, taxation policy, international trade, and economic liberalization. Unfortunately, pages on economies of West Bank and Gaza Strip can only be termed as entirely misleading. It is inappropriate to describe economic relationship between Israel and occupied territories as a classic example of of 'large' and 'small' economy, or to assert that it has resembled anything close to common market (pp. 74-7). Israel has imposed an extensive set of military orders that circumvent its obligations under international law and that (contrary to inference of authors on page 76) effectively replace and certainly override existing Egyptian and Jordanian law. These military orders, which cover everything from planting of tomato plant to picking of wild thyme, have undermined any independence of Palestinian economy and have been used to ensure that economic benefits of relationship are nearly all in Israel's favor. Most critically, Israeli governments have sought to deny Palestinian population any independent engine for growth by severely restricting capital accumulation and credit for development--for example, by closing existing sources of formal agricultural loans to farmers in late 1960s and early 1970s. Israeli practices have been so well documented, not least by international agencies such as UN Conference on Trade and Development (UNCTAD),(1) as well as by renowned Israeli academics such as Meron Benvenisti, that it does authors little credit to display what amounts to willful blindness. Benvenisti's own description of relationship between Israel and occupied territories--that it resembles integration and exclusion, into dominant economy when it benefits that economy and exclusion when it does not--is far closer to truth. …" @default.
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• W316539144 title "Economic Conditions -- the Economy of Modern Israel: Malaise and Promise by Assaf Razin and Efraim Sadka" @default.
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