[lbo-talk] Iraq's Price Controls

[Yoshie Furuhashi]

In addition to promotion of women's rights and protection of 
priceless cultural treasures, here's another achievement of the Iraqi 
state that no leftist ever bothered to mention in any article, flyer, 
leaflet, or speech: price controls.  Iraq's price controls will be 
soon up in smoke, like its libraries....

*****   New York Times   April 18, 2003

Iraq to Run On Dollars Till It Gets New Currency

By EDMUND L. ANDREWS

WASHINGTON, April 17 - As the focus in Iraq shifts from waging war to 
paying wages, the Bush administration plans to run Iraq on dollars 
until it fosters a replacement for today's nearly worthless "Saddam 
dinars."...

Establishing a new currency is only a step in rebuilding Iraq's 
financial system. Iraqi prices have become almost entirely divorced 
from normal market forces. Inflation roared along at 60 percent a 
year, and perhaps much more, but the government also kept prices for 
many staples and for electricity and water far below their actual 
cost....

<http://www.nytimes.com/2003/04/18/business/18BANK.html>   *****
-- 
Yoshie

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