CiNii Books - The political economy of Israel : from ideology to stagnation

This book constitutes the first attempt at a comprehensive description, history, and analysis of Israel's economy. Plessner examines events of the past two decades and advances the hypothesis that problems within the Israeli economy can be explained by the extent of its departure from the institutions and rules that govern predominantly market economies. He argues that Israel is unusual in that it affords an opportunity to analyze a socialized economy embedded in a democratic society. Individual chapters describe Israel's economic growth and stagnation, the government's domination of capital and credit markets, and the absence of a truly independent private sector. The concluding chapter evaluates the stabilization program of the 1980s and its aftermath and provides a prognosis for the future. Told within the framework of the story of Zionism and the creation of the Jewish state, this book answers the question of why the Israeli economy finds itself today in the same state in which it has languished since 1973.

Table of Contents

Preface Introduction 1. The Roar That Became a Whisper The Bumpy Road of Political Economy Early Growth in Israel Growth Does Not Mean Efficiency Other Factors Appendix 2. Obstacles to Growth: The Abducted Capital Market The Absence of a Free Capital Market The Basic Features of the Financial System The Background The Interest Rate Law The Process of Domination 3. The Capital Market: The Origins First Steps The Foundation Fund (Keren Hayesod) Land Ownership The Private Sector Flourishes Rhetoric vs. Facts Early Statehood Appendix 4. Obstacles to Growth: The Economic Culture The Economic Culture The Wedge Between Effort and Reward The Government as the Economy's Creator The Relief from Responsibilities 5. The Economic Culture: The Origins The Basic Ideology The Origins of the Contrived Economy Farm Primacy The Housing Sector The Advent of Rent Control Unions and Wages 6. Obstacles to Growth: The Would-Be Business Sector The Business Sector—A Tour The Wedge The Moral Hazard A Market in Chains 7. The Would-Be Private Sector: The Origins Early Farming Days The Ideological Background The Conquest of Labor The First Failures of the Histadrut Economy The Class Struggle—Unions and Wages The Credit Crunch The Adaptation of the Private Sector Early Statehood Appendix 8. Obstacles to Growth: The Almighty Weakling A Summary of Government Activities The Illusion of Strong Government The Emasculation of Israel's Government 9. The Inflationary Prescription: Institutions and Policies The Cost-of-Living Allowance The Impossibility of Monetary Policy The Oil Crisis and the New Economic Policy The 1977 Mahapach —Economic Reform Appendix 10. Inflation! The Obstacles Gang Up Phase 1: The Early Stages Phase 2:1978 What Caused Israel's Inflation? The Cost of Inflation The First Attempts to Stem Inflation The Manipulation of Bank Shares A New Approach to Inflation—"Dollarization" The Bank Shares Debacle Old Habits Die Hard Appendix 11. Stabilization and Missed Opportunities Stabilization: The Program and Its Impact The Road Ahead Appendix Notes Index

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The political economy of Israel : from ideology to stagnation

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