Financial Sovereignty and the Possibility of Full Employment in Saudi Arabia

Fadhel Kaboub
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Fadhel Kaboub: Denison University

Chapter Chapter 8 in The Job Guarantee and Modern Money Theory, 2017, pp 171-205 from Palgrave Macmillan

Abstract: Abstract This chapter presents estimates for the economic cost of unemployment and the financial cost of a Job Guarantee program in Saudi Arabia. The analysis demonstrates that while the Job Guarantee option is a cheaper and far more effective choice, one has to carefully address the institutional features of the Saudi economy, workforce readiness, and labor market regulations. The paper also presents a set of financing mechanisms ranging from a full-scale MMT-style financing to more hybrid versions of private–public partnerships, social venture partnerships, and social impact bonds. The paper will close with a set of strategic industries that should be prioritized in the process of diversifying the structure of the Saudi economy and ensuring not only full employment and price stability, but also sustainable prosperity.

Keywords: Saudi Arabia; Social Entrepreneurship; Full Employment; Unemployed Worker; Green Construction (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:bifchp:978-3-319-46442-8_8

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DOI: 10.1007/978-3-319-46442-8_8

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