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Cleft Capitalism - The Social Origins of Failed Market Making in Egypt (Paperback)
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Cleft Capitalism - The Social Origins of Failed Market Making in Egypt (Paperback)
Series: Stanford Studies in Middle Eastern and Islamic Societies and Cultures
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Egypt has undergone significant economic liberalization under the
auspices of the International Monetary Fund, the World Bank, USAID,
and the European Commission. Yet after more than four decades of
economic reform, the Egyptian economy still fails to meet popular
expectations for inclusive growth, better standards of living, and
high-quality employment. While many analysts point to cronyism and
corruption, Amr Adly finds the root causes of this stagnation in
the underlying social and political conditions of economic
development. Cleft Capitalism offers a new explanation for why
market-based development can fail to meet expectations: small
businesses in Egypt are not growing into medium and larger
businesses. The practical outcome of this missing middle syndrome
is the continuous erosion of the economic and social privileges
once enjoyed by the middle classes and unionized labor, without
creating enough winners from market making. This in turn set the
stage for alienation, discontent, and, finally, revolt. With this
book, Adly uncovers both an institutional explanation for Egypt's
failed market making, and sheds light on the key factors of
arrested economic development across the Global South.
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