Article

2005-02-06 Arabia

Bahraini premier calls for Islamic trading bloc

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Posted by Steve White 2005-02-06 00:00:00|| || Front Page|| [11130 views since 2007-05-07] Top

#1 I'm sure it'll at least be as successful as COMECON, the trading bloc incorporating the Soviet satellite states.

Posted by Zhang Fei 2005-02-06 1:05:23 AM|| [http://timurileng.blogspot.com] 2005-02-06 1:05:23 AM|| Front Page Top

#2 COMECON sort of worked. Its purpose was to bind the Soviet empire together economically. E. German made computers, Hugary buses, etc. Other Comecon countries had to buy from the single source cos they couldn't afford to buy from elsewhere.

Posted by phil_b 2005-02-06 1:13:07 AM|| 2005-02-06 1:13:07 AM|| Front Page Top

#3 Phil makes a good point. The problem the Arab states (in particular face) is how to bootstrap their work forces and economies into the real world. You can't specialize in everything, and for any one industry chances are there are already several countries doing it well - some for quality, some for low cost. So how to begin?

At that level, this makes sense. The problem, however, is that this sort of economic bloc usually removes market incentives to improve quality and workforce skills. In the case of the Islamic world, it will also probably reinforce their tendency to interact with the global economic and cultural structures.

No easy answers here. They won't attract investors setting up new plants and industries because there is little in the way of work ethic and technical skills to be leveraged. So they have to do something, 'cause the oil money ain't gonna last forever.

Posted by too true 2005-02-06 6:36:35 AM|| 2005-02-06 6:36:35 AM|| Front Page Top

#4 "A call for an Islamic bloc capable of competing in the global arena."

First we corner the market on terrorism.

Posted by gromgorru 2005-02-06 7:31:37 AM|| 2005-02-06 7:31:37 AM|| Front Page Top

#5 What exactly are they going to trade amongst themselves?

Oil? Dates? Goat meat?

Posted by Parabellum 2005-02-06 9:23:11 AM|| 2005-02-06 9:23:11 AM|| Front Page Top

#6 Actually, I think the prospect of a middle east trading bloc is a fantastic one--given certain preconditions--and I suspect it is being subtly encouraged by the Bush administration. Here is the logic: the center of such a bloc would be Iraq and (free, democratic) Iran, with (free, democratic) Egypt pulling a close second. It would act as an economic counterbalance to Europe, Russia, India *and* the Asian bloc. It would normalize democracy and improve economies througout the region, solving any number of problems. In turn, it would be separate from a general central and sub-Saharan African bloc. It would prevent the region from being further exploited by other nations or blocs, and would create a horizontal expansion of revenue away from petrochemicals (which is already starting to take place.) It is also well situated for a 'central' equivalent to the (now being re-created) Silk Road travel route, creating a modern transportation network similar to what exists in Europe and the US. It could, conceivably, expand to incorporate the Central Asia "-istans", which would place it on a par with both the EU and the Asian bloc.

Posted by Anonymoose 2005-02-06 1:29:50 PM|| 2005-02-06 1:29:50 PM|| Front Page Top

#7 LOL Grom!

Posted by Shipman 2005-02-06 6:12:17 PM|| 2005-02-06 6:12:17 PM|| Front Page Top

#8 Parabellum....

I'm sure they will develop a thriving slave trade.

Posted by Mark E. 2005-02-06 9:02:51 PM|| 2005-02-06 9:02:51 PM|| Front Page Top

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