The Middle East Needs to Rediscover its Market Roots

9 Pages Posted: 19 Oct 2018

See all articles by Nima Sanandaji

Nima Sanandaji

European Centre for Entrepreneurship and Policy Reform

Date Written: October 2018

Abstract

Enterprise, banking, free markets and free‐market economic policies are often assumed to have a relatively new Western origin. In fact, the practice of market exchange had already evolved 4,000 years ago in the ancient Middle East. Later, market‐based economies independently also developed in China and India. The oldest recorded intellectual support for free‐market economic policy is found in ancient Persia and China. Acknowledging the Eastern roots of capitalism is important at a time when Eastern cultures are moving towards a market renaissance.

Keywords: capitalism, libertarianism, market economy, Middle East

JEL Classification: B11, N95

Suggested Citation

Sanandaji, Nima, The Middle East Needs to Rediscover its Market Roots (October 2018). Economic Affairs, Vol. 38, Issue 3, pp. 348-356, 2018, Available at SSRN: https://ssrn.com/abstract=3269424 or http://dx.doi.org/10.1111/ecaf.12309

Nima Sanandaji (Contact Author)

European Centre for Entrepreneurship and Policy Reform ( email )

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