Economic development and the price level in Egypt, 1950-1962

Abstract

This thesis on growth and the price level in Egypt, is a case study of a country which is planning to enter the take-off period at a time when a social and political revolution is taking place. The period of study (1950-62) covers a critical stage in the history of Egypt, since it may be considered the transitional period in which the country had to complete the structural changes necessary for a dynamic economy. While in the earlier part of the period of study, the economy was mainly based on the principles of a free enterprise system, socialism emerged in the later years, with the economy being subjected to an overall plan. Thus, this study examines the functioning of the various economic variables and their relationships during such a stage of development and in view of such social and political changes. Growth and the price level have been examined from both demand and supply viewpoints. In chapter III, a picture of the working of the external forces is given while chapter V is devoted to explaining the evolution of the, public sector which has undergone many changes in conformity with the changes in the overall political and economic objectives of the country. Sectoral growth is examined in Chapter IV while Chapter Vi is concerned with the system of price controls. Finally, Chapter VII summarises the main conclusions reached as regards development and changes in the price level in Egypt during the period 1950-62. An important contribution of this research is that it collates and presents in a useful form a considerable amount of statistical data on the Egyptian economy which previously had not been easily available