Arab oil exporting countries have been advised by the IMF to diversify their economies away from oil and that the way to do that is to adopt the ten principles of the Washington Consensus, which call for liberalization, deregulation and privatization. It is not clear how measures like these are...

The recent experience of adjustment policies in the Arab world and in the Third World in general clearly demonstrates that it is impossible to achieve a trade surplus large enough to service debt and restore sustainable external and internal balances. The policy of adjustment, with or without...