Islam for the People and Mammon for the Economy

  • Homa Omid


Although in the early years of the revolution there was much discussion about what an Islamic economy would be like, theoretically and practically from its earliest days it was the conventional Western-style economists of the Plan Organisation who continued to dictate budgetary policies. While the intention of providing welfare for the people and protection of the poor and destitute was part of the daily propaganda handed out to the masses, the economists were advising cutbacks on government expenditure and attempting, more or less, to shadow the adjustment policies advocated by the major Western lending organisations. Social security, national health insurance and unemployment benefits were much discussed but slow in coming or altogether absent. The avoidance of welfare benefits helped the government to pay off more or less all of its foreign debts within the first five years of its inception. Despite the raging war and extensive under-development of the economy as a whole, the revolutionary government coped without substantial new loans until the 1990s.


Exchange Rate Gross Domestic Product Foreign Exchange Adjustment Policy Plan Organisation 
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© Homa Omid 1994

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  • Homa Omid

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