This is the economist article that got the publication banned for this month.
Take a second to read it.
In a nutshell, the article outlines the economic situation in the UAE, and how Dubai particulary has been hit hard due to overzealous? decisions.
I make no bones that mistakes were made, this article is an eye-opener.
In this article they talk about Dubai's assets, and how if need be we can sell Emirates airlines, Dubal, etc etc.
And then there is talk of Abu Dhabi bailing Dubai out.
And then concluding that the Maktoums days are numbered.
,.,.,?
Without a doubt, there has to be transparency. Without a doubt, there are massive mistakes that decision-makers have to answer to. But to suggest the Maktoum's are to be swept aside on the basis of a damaged economy is flawed.
"Wealth is power" right?... This article contends (among other things) that with the decreased wealth of Dubai, there should be a corresponding weakness in power of the ruling family.
"Wealth is power": Expand that:
Power over what?
The great economist Adam Smith was very clear that "power" is not political power, though it may lead to it:
It is rather the purchasing power over forces of labor.
Even if our economy gets stuck, the people are "mollycoddled by benovelent rulers" (their words)... We have sponsorship laws, gauranteed land etc etc by the UAE government.
So despite the economists assertions about Dubai's political floor, the Maktoums are fine.
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3 comments:
You to admit that this part of the piece rings very true in the UAE, moreso than in any western country, though it still happens there as well.
“you have a confusion between government and commercial operations. There is nobody in Dubai in government who isn’t first and foremost a businessman.” There are “massive conflicts of interest” across the board. “There are no checks and balances…the incentives for saying nothing are great.”
Nice to see that this blog is still active ;-)
A Yahya.
Very interesting post. Would you be interested in talking to the press about your experiences as a blogger? My name is Ed Lake and I write for The National, an English-language newspaper based in the UAE. I'm putting together an article on the blogosphere in the Arab world, and I'd love to talk to you. Drop me a line on elake@thenational.ae if you're willing to to an interview.
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