Iraq - Business Becomes A Big Casualty

Posted on Thursday, November 30 at 10:05 by Diogenes
What followed was "a U.S. corporate invasion of Iraq," Juhasz said. "Many companies had their sights set on privatisation in Iraq, also made possible by Bremer, which helps explain their interest in 'major overhauls' rather than getting the systems up and running." In contrast, there was much state support for businesses under the previous regime, which followed a socialist system under which the government allowed Iraqis to establish their own factories and workshops, and supported them in many ways. Businesses were granted low interest loans and permission to transfer foreign currency. They could get state-owned land to build on. Administrative laws facilitated enterprise, and so small industry business bloomed during the 1970s and 1980s. Major industries in Iraq for oil products, phosphates and cement, along with the military industry, were mostly state-run under the previous regime. Foreign companies were allowed, under state supervision, to build factories as Iraq moved towards increasing industrialisation.


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