While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organisational structure and operations have been largely ignored. Improved organisation and operations would increase IMF efficiency and membership participation,...

In 1971 many academic economists were predicting that the Bretton Woods system of fixed parities would collapse. Some, most notably Milton Friedman, became excited about the possibility of a floating system because the benefits of international capital mobility can only be achieved through the...

There are more than one billion Muslims in the world and they account for roughly 5 per cent of the world's GNP. Some people estimate that Islamic banking will be responsible for managing up to 50 per cent of savings in the Islamic world within the next five to ten years. Recent developments in...

The Quran is the primary source for Islamic teachings and tenets. While the community may adapt social and economic policies in order to meet a society's shifting socio-economic needs, the basic principles of the Islamic economic and social system, however, must be preserved. Freely elected...

Economic sanctions are seen as a foreign policy instrument less severe than military engagement but more potent than diplomacy. The assessment of the economic impact of sanctions invariably focuses on direct bilateral trade, with little regard to indirect costs. In the case of sanctions on Iran,...

Software exports have the potential to make a significant contribution to the economies of developing countries and to the global IT industry. Developing countries have demonstrated a comparative advantage in this export sector and the global IT industry can benefit from this developing country...

The Middle East has one of the highest ratios of exports to GDP in the world, yetintra-regional trade level is one of the lowest. Intra-Middle Eastern trade is examined in detail to assess the reasons for the low level of regional trade and to recommend policies for promoting trade within the area.

The region comprising North Africa and the Middle East is the driest in the world. Thus conflicts over water have been a part of the landscape. These conflicts overwater are invariably seen as a zero sum game, such a view does not incorporate the notion that water is an economic good and is...

We show how human and economic development has generally remained low amongMiddle Eastern oil-exporters, despite over three trillion dollars in oil revenues. Islam and religion have not contributed to the region's failure. Extensive mismanagement of oil wealth has fueled corruption, decelerated...

The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a...