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C ONTENTS Preface XI Introduction I. The Roar That Became a Whisper 7 The Bumpy Road of Political Economy 8 Early Growth in Israel 12 Growth Does Not Mean Efficiency 23 Other Factors 28 Appendix 32 2. Obstacles to Growth: The Abducted Capital Market 37 The Absence of a Free Capital Market 37 The Basic Features of the Financial System 38 The Background 39 The Interest Rate Law 42 The Process of Domination 42 3. The Capital Market: The Origins 61 First Steps 61 The Foundation Fund (Keren Hayesod) 63 Land Ownership 66 The Private Sector Flourishes 70 Rhetoric vs. Facts 75 Early Statehood 77 Appendix 78 4. Obstacles to Growth: The Economic Culture 79 The Economic Culture 79 The Wedge Between Effort and Reward 80 The Government as the Economy's Creator 89 The Relief from Responsibilities 90 VIII Comems 5. The Economic Culture: The Origins 95 The Basic Ideology 95 The Origins of the Contrived Economy 97 Farm Primacy 100 The Housing Sector 102 The Advent of Rent Control 104 Unions and Wages 107 6. Obstacles to Growth: The Would-Be Business Sector 115 The Business Sector-A Tour 115 The Wedge 127 The Moral Hazard 133 A Market in Chains 141 7. The Would-Be Private Sector: The Origins 149 Early Fanning Days 149 The Ideological Background 150 The Conquest of Labor 154 The First Failures of the Histadrut Economy !57 The Class Struggle-Unions and Wages 160 The Credit Crunch 161 The Adaptation of the Private Sector 166 Early Statehood 172 Appendix 174 8. Obstacles to Growth: The Almighty Weakling 177 A Summary of Government Activities 177 The Illusion of Strong Government 183 The Emasculation of Israel's Government 186 9. The Inflationary Prescription: Institutions and Policies 193 The Cost-of-Living Allowance 193 The Impossibility of Monetary Policy 199 The Oil Crisis and the New Economic Policy 206 The 1977 Mahapach-Economic Reform 2 19 Appendix 224 10. Inflation! The Obstacles Gang Up 227 Phase 1: The Early Stages 228 Contents 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 ix 232 234 245 253 256 258 261 264 267 269 269 278 283 285 319 ...

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Additional Information

ISBN
9781438416243
Related ISBN
9780791417416
MARC Record
OCLC
42855196
Pages
328
Launched on MUSE
2012-01-01
Language
English
Open Access
No
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