Iraq: Private ownership of oil and the quest for democracy

Weshah Razzak

MPRA Paper from University Library of Munich, Germany

Abstract: I argue that state-ownership and state-management of oil on behalf of the Iraqi people is not conducive to democracy and inconsistent with the principles of free market. I also argue that it can adversely affect economic development and might further impoverish the average Iraqi citizen. To resolve the problems, this note proposes a change to the “political” rules; i.e., change the Iraqi constitution, and provides an economic strategy to transfer oil wealth to the Iraqi people.

Keywords: Oil; private ownership; development (search for similar items in EconPapers)
JEL-codes: P14 Q32 Q43 Q48 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-cdm and nep-ene
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:54

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