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Since democracies evolve from economic freedom, it is important for Iraq to establish an environment of open markets. The key is the production, and exporting of oil, Iraq's most valuable resource. With the end of the war, the UN is likely to lift the twelve year old sanctions. This will be the beginning of many opportunities for Iraq to delve into international markets.

Iraq has the world's second largest reserve of oil, behind Saudi Arabia, and 90% of the country has yet to be explored because of years of war and political turmoil. The first step to beginning exportation of the country's oil is privatization of the industry. Nationalization of oil reserves and central planning, were major factors in the decline of the Iraqi economy. Some analysts believe that Iraq wouldn't have to wait long for a huge monetary jump start. They believe that Iraq has nearly $100 billion of oil in reserves that several countries would be happy to unload.

Alienated Iraqis will return to their home country with money and business expertise. Free enterprise will allow for accumulation of wealth. Production and trading of oil will open doors for international investment, capital accumulation, and technological growth. All of these variables will help Iraq establish a sustainable growth rate.

Links:

The Christian Science Monitor 2003, Accessed: April 28, 2003


MSNBC News 2003, Accessed: April 28, 2003


U.S. Department of State International Information Programs, September 26, 2002, Accessed: April 28, 2003

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Copyright, Jeremy Sumerix, 2003.