Cleft Capitalism - (Stanford Studies in Middle Eastern and Islamic Societies and) by Amr Adly (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br>"Over the course of four decades, the Egyptian economy underwent consistent and comprehensive economic liberalization, privatization of state-owned enterprises, deregulation. Yet the Egyptian economy today still experiences low-growth, declining total investment rates, and high un- and under-employment. The private sector has never become globally competitive. There are few beneficiaries to the economic transformations begun under Sadat and continued by Mubarak, and most Egyptians, notably public-sector workers and the urban and rural middle classes, claim losses through these efforts. The 2011 uprising highlighted that these efforts at transformation failed not only economically, but politically as well. This book explores how and why 40 years of economic reform efforts largely failed. Amr Adly argues the fault lies in cleft capitalism: the perpetuation of initial size differences in enterprises, through limits on available land and capital (finance), that constrain any opportunities for growth and expansion"--<p/><br></br><p><b> Book Synopsis </b></p></br></br><p>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.</p> <p><i>Cleft Capitalism</i> 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.</p><p/><br></br><p><b> Review Quotes </b></p></br></br><br><i>Cleft Capitalism</i> is a highly original analysis of what Amr Adly calls Egypt's 'successful transition to failed capitalism.' Based on extensive and sound research, it represents an important rethinking of the trajectory of Egypt's political economy since 1974 and a bold challenge to Washington Consensus economic policy orthodoxy.--Joel Beinin "Stanford University"<br><br><i>Cleft Capitalism</i> is an ambitious book that aims to make broad academic contributions far beyond its specific focus on the contemporary social and political economy of Egypt....[It succeeds] both as an overview of the Egyptian economy and as a critique of the institutional economics orthodoxy. It is one of the best books that I have read about both subjects in recent years, and I recommend it highly.--Mahmoud A. El-Gamal "<i>Middle East Journal</i>"<br><br><i>Cleft Capitalism</i> offers a lucid, rich, and new understanding of the course of Egyptian economic development. With his sophisticated understanding of Egyptian politics and society and refined economic analysis, Amr Adly not only helps us understand Egypt better, but offers a model of how to approach the contentious terrain of economic change in the developing world.--Nathan J. Brown "George Washington University"<br><br>[<i>Cleft Capitalism</i>] is more than an exemplary analysis of the situation of political economy in Egypt. It is also a significant contribution to wider debates on the possibilities and limits of market-based development in the Global South....an essential read to students, researchers, and policy-makers interested in the political economy of Egypt, the limits and potentials of structural adjustment policies, and the insights of economic sociology to the study of political economy.--Hesham Shafik "<i>Jadaliyya</i>"<br><br>Adly puts forth compelling arguments and descriptions of Egypt's failed market making....<i>Cleft Capitalism</i> offers new theoretical insights and valuable empirical analysis of the course of Egypt's political economy and the causes of its economic predicaments since 1974.--Housam Darwisheh "<i>The Developing Economies</i>"<br><br>Amr Adly elaborates a novel explanation for underperforming economies of the Global South. Richly detailed, theoretically insightful, <i>Cleft Capitalism</i> is essential reading for anyone interested in the Egyptian, Middle Eastern, and other political economies.--Robert Springborg "Naval Postgraduate School"<br><p/><br></br><p><b> About the Author </b></p></br></br><b>Amr Adly</b> is Assistant Professor of Political Science at the American University in Cairo and the author of <i>State Reform and Development in the Middle East: The Cases of Turkey and Egypt</i> (2012).
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