Globalization, International Finance, and Political Islam in the Arab World
Abstract:This article looks at one important aspect of globalization in the Arab World, namely the provision of international finance by the US, the International Monetary Fund (IMF), and the World Bank in support of economic liberalization programs. This flow of international finance has been partly determined by geopolitical factors and in some countries has resulted in a decline in state provision of social welfare, increased poverty, and increased inequality. Not only has this form of globalization been increasingly challenged by Islamist groups, but many such groups have moved in to provide social capital and fill the welfare gap created by the gradual withdrawal of the state from socio-economic affairs. Globalization has thus strengthened the hand of political Islam and undermined the political legitimacy of incumbent regimes.
Document Type: Research Article
Publication date: June 1, 2006
The Middle East Institute has published The Middle East Journal quarterly since 1947. The Journal provides original and objective research and analysis, as well as source material, on the area from Morocco to Pakistan and including Central Asia. The Journal provides the background necessary for an understanding and appreciation of the region's political and economic development, cultural heritage, ethnic and religious diversity.
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