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Dangers Of Economic Shock Therapy In

Juan Cole 02/16/2004

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The Dangers of Economic Shock Therapy in Iraq

Nobel Laureate, economist Joseph Stiglitz, sagely warns against Bush administration plans for economic “shock therapy” (rapid and radical liberalization and privatization) in Iraq. He points out that successful transition to democracy has often been actively hindrered by such an approach. Proponents of shock therabpy in the Coalition Provisional Authority point to Poland, but one semi-success isn’t actually all that encouraging.

It seems to me that anyway the time is passing when the “Washington consensus” crowd will be in a position to impose economic policy on Iraq. In about 4 months there will be some sort of indigenous government and the CPA will be gone, and most Iraqis are frankly socialists.

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About the Author

Juan Cole is the founder and chief editor of Informed Comment. He is Richard P. Mitchell Professor of History at the University of Michigan He is author of, among many other books, Muhammad: Prophet of Peace amid the Clash of Empires and The Rubaiyat of Omar Khayyam. Follow him on Twitter at @jricole or the Informed Comment Facebook Page

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