Middle East Economic Aftermath
Economist and Nobel laureate Gary Becker predicts that the recent uprisings across the Middle East will make its economies more competitive and raise oil prices in the short and long run.
University of Chicago professor Gary Becker on the change occurring across M.E.N.A. (Middle East and North Africa) countries : “The revolutions and protests in Tunisia, Egypt, Libya, Bahrain, and other parts of the M.E.N.A. region are the most important world development in the past 20 years, even though it is still highly uncertain about the types of governments that will emerge, the effects on their economic and political freedoms, and their production of oil. I expect, however, that these economies will become more competitive and less government-controlled, and that world oil prices would tend to be higher in both the short and long runs.”
