Mady- Popular Discontent Revolution and Democratization in Egypt in a Globalizing world.pdf

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y=1981&ey=2017&scsm=1&ssd=1&sort=country&ds=.&br=1&c=469&s=NGDP_R%2CNG DP_RPCH%2CNGDP%2CNGDPD%2CNGDP_D%2CNGDPRPC%2CNGDPPC%2CNGDP 26. This structural adjustments program focused on "conditionalities," i.e. conditions for obtaining new loans from the World Bank or the International Monetary Fund, or for obtaining lower interest rates on existing loans to reduce Egypt's fiscal imbalances. This program, which was supposed to allow Egypt's economy to become more market-oriented, included major changes ¡ basically privatization, the reduction of trade barriers, reduction in government expenditure, and deregulation. See Factsheet, IMF Conditionality , I NTERNATIONAL M ONETARY F UND (Sept. 26, 2012), /facts/conditio.htm. 27. World Economic Outlook Database, I NTERNATIONAL M ONETARY F UND , (click on “By Countries,” select “Middle East and North Africa,” select “Egypt,” select the appropriate national accounts, then choose the date range from the dropdown box). This content downloaded from 131.94.16.10 on Fri, 11 Jan 2019 02:33:54 UTC6 UTC All use subject to
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322 I NDIANA J OURNAL OF G LOBAL L EGAL S TUDIES 20:1 DPC%2CPPPGDP%2CPPPPC%2CPPPSH%2CPPPEX%2CNID_NGDP%2CNGSD_NGDP %2CPCPI%2CPCPIPCH%2CPCPIE%2CPCPIEPCH%2CTM_RPCH%2CTMG_RPCH%2C TX_RPCH%2CTXG_RPCH%2CTXGO%2CTMGO%2CLUR%2CLP%2CGGR%2CGGR_NG DP%2CGGX%2CGGX_NGDP%2CGGXCNL%2CGGXCNL_NGDP%2CGGSB%2CGGXON LB%2CGGXONLB_NGDP%2CGGXWDN%2CGGXWDN_NGDP%2CGGXWDG%2CGGX WDG_NGDP%2CNGDP_FY%2CBCA%2CBCA_NGDPD&grp=0&a= (last visited Mar. 27, 2013). Indeed, the World Bank program led to increased inflation and economic instability. 28 As in many other authoritarian regimes, Mubarak’s government remained politically stable due to the support of Washington and international financial institutions on one hand, and a façade of both a multi-party system and elections, on the other hand. 29 Nevertheless, Egypt benefited from the global economic prosperity during the period between 2005–2008, before the recent financial crisis. This prosperity was due to rising oil prices, the Gulf countries’ growing investments in Egypt, profits from the Suez Canal, and tourism. 30 Hence, the growth rate has increased, as shown in the figure below. 31 28. See generally Stephan Haggard, The Politics of Adjustment: Lessons from the IMF's Extended Fund Facility , 39 I NT L O RG . 505 (1985) (examining the interplay between a country’s political deficiencies and IMF’s monetary assistance efforts); Emma C. Murphy, Legitimacy and Economic Reform in the Arab World , 3 T HE J. N. A FR . S TUD . 71 (1998) (providing details on economic liberalization programs in Third World countries). 29. See generally G ALAL A MIN , W HATEVER H APPENED TO THE E GYPTIANS ? C HANGES IN E GYPTIAN S OCIETY FROM 1950 TO THE P RESENT (2001). 30. See Egypt: Economic and Financial Data , M INISTRY OF P LANNING (Oct. 18, 2011), (providing updated statistics about Egypt).
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