Problematic economies in transition in Iraq .. Attracting financial or economic alienation?

Problematic economies in transition in Iraq .. Attracting financial or economic alienation?
D. The appearance of Mohammed Saleh -

10/02/2013 - 6:23 pm | Hits: 55

Did not leave the events experienced by our country after the year 2003, both political and economic opportunity, but was concern the president where is the shift toward a market economy, which ابتدأتها Coalition Provisional Authority ruling) civil authority of the occupation (taking the lead to build quick fixes in the legal infrastructure for the financial sector and build the institutions capital market according to the visions I thought it facilitates the transmission of capitalism rentier state central to a free market economy along the lines of the model of Eastern Europe in the transition to a market economy in the least of which was in the forefront of a law for an independent central bank uses market instruments indirect monetary in his quest to achieve stability and inflation targeting and address in order to Tovermnach price appropriately cope with the mechanism of price liberalization, as well as a law regulating the work of banks allows the financial market Iraqi merger and integration with the international financial market and make appropriate adjustments to the Companies Act civil under the exercise of freedom of trade and foreign exchange. since accompanied provide an atmosphere rapid liberalization of financial interest rate liberalization policies and bank credit. thus become democratic politics as a framework for the transition to market economies inherent in the financial and commercial democracy exclusive and not for macro-economic democracy.

At the time lived in public finances by the grace of capitalism rentier state as a central financial source of revenue oil wealth, the terms of economies in transition, which requires the imposition of strict restrictions on the state budget to maximize the incentives that lead to a more efficient market economy did not find a way only prevail idea of justice on enough ( through the operational style, which was printed the budgets of the state during the past nine years and the launch of the widespread use policy through annual budgets) to bring the idea of the welfare state rentier severe justice to the idea of the unstable economy strong enough in character and use of the labor force. The legal and institutional framework guarantor of property rights, organizational and supervisory regulations that allow access to market بليبرالية the transition is high, today was limited to two markets: two free financial market and then the commercial market-based funding on the market past him in the framework of unilateral financial democracy.

Democracy current financial research topic today is the source of conflict and continuous generated via unresolved problem between the state capital and financial capital Ahli a conflict that has not yet resolved نهاياته the economic policy in the arena today.

Did not provide economies in transition in Iraq after the year 2003 of the foundations of economies in transition overall to a market economy Alamsbbat struggle of liberation Financial wide and create a financial market equivalent of liberation incontinent in foreign trade, while not experiencing elements of the economy Transitional any other mobility possible that integrates with financial liberalization, both in the privatization of public enterprises (which convergence projects hundred project and includes among its ranks less than a million workers, semi-worker or unemployed) or even to impose severe restrictions on the state budget to maximize the incentives that lead to increased efficiency productivity and optimal use of resources or even the establishment of a legal framework and institutional guarantor property rights and in accordance with the requirements of mass transition or transformation to a free market economy. As it is said that our country is still mired by more than six thousand under official instructions, regulations and laws of different accumulated over the years and currently in force, which does not provide sufficient transparency to enter the free market and the conduct of the business environment productivity.

When characterization of the state capitalist system and forces the transition towards a market economy, this characterization has to be to take a different pattern in the oil rentier state the state Krosmalah Central to allow characterization of the capital system in Iraq and the problematic transition to a free market economy. Apart from what several anarchists in the history of economic thought a mixture of state socialism state socialism is the equation in terms of the substance of the state capitalist state capitalism in terms of state control of the means of production and sources of wealth and defined by Nicolas Bukharin, one of the leaders and thinkers of the Russian Revolution in 1917 in his book: الامبيريالية and the global economy ( 1915), describing the new stage in the development of capitalism as state capitalism, at a time when justifying the October Revolution new economic policy in Russia in 1921 that state capitalism managed from the dictatorship of the working class and the dominance of the forces of production workers. But that did not deter the world in the early nineties of the twentieth century of involvement of about 30 countries, who have enjoyed state capitalism or state socialism, the phenomenon of the unstable economy toward a free-market economies in transition . And described the economy at this stage being the economy is subject to the decisions of the free market away from central planning and implementation, and assume the market forces determine the prices and the allocation of resources rather than the plans centralized, accompanied by the removal of trade restrictions as well as the privatization of state-owned enterprises and their different. Remarkably, of the order, The Jump starting mechanism is not only by changing the function of the financial sector in terms of funding before production.

Presumably economies in transition to take over the financial sector itself and function of economic stability and regulate the movement of capital Ahli, which requires the availability of financial institutions and independent at the head of those institutions having an independent central bank depends indirect means as instruments of monetary policy in dealing with the market to stabilize the overall form provided vertical configuration the investment climate and best use, but that in order to اينفي economic role for institution of the state in assigning jobs and economic development to support economic growth and social condition converted from being a provider of growth and an engine for development provider of growth and development to the function to enable the development and growth enabler .

And notes that the countries of the world used different models in the transition to a market economy. Valonmozj Chinese adopted the idea of the two economies one state differs from the model of Russia and metamorphic pan countries of Eastern Europe, which are the other different from the Yugoslavian style that used a model accelerating the shift towards a free market economy.

He was born of the global economy and without a doubt patterns of state capitalism rentier nature political coexist Mrkzyatea the central economic inherent to them. Where growing degree Mrkzihma the growing export revenues from the resource rent is low and troubled relationship between the center and the global economic Ocean Center rent depending on the economic cycles generated by the leading economies in the first industrial economy. While subject to the facilities of the country in those nations, peripheral regions of the global economy, whether those facilities productivity or social institutions, to manage the central state, the outcome of behavior Central is currently only at the end of building a model for state capitalism or state capitalism rentier and as pointed out by Nicolas Bukharin , as a new development or a new phase in the evolution of global capitalism, and certainly not focused vision Bukharin, which singled out the nations of the world first and which are the signs of the First World War and certainly did not crystallize vision has all nations of the Third World كقوى economic rents live in the vicinity of the capitalist world Ohuamhh which achieved political independence الناجز of a product of the end of World War II and the Cold War broke out in the twentieth century.

When characterization of the state capitalist system and forces the transition towards a market economy, it must take a different pattern in the oil rentier state, or what can be called the central state rentier capitalism. And in order to allow diagnosis of the phenomenon of polarization of economies in transition in our country, we find Menkvo on the liberalization of financial activity and the development of the capital market pattern of working in isolation on the activity of economic development, public central, accompanied at the same time alienation of real activity in the markets of other production that living in a state of recession, unemployment, and free of the elements of economies in transition policies and fee requirements in an integrated framework for a free market economy unstable.

The relationship between state capitalism and configuration rent them and between capital Ahli, is a product of the birth of the financial source of the capitalist rentier central either by cloning) or (partnership in economic activity in the high level of co-existence or intruding on an incubator overhead ending to foster financial and multiplication of money in the financial market exclusively alone in building components of a transitional economy to a free-market in rentier Iraq.

On this basis, did not generate our economy transition is clear from the capital of the central state to a free market economy, even in a time absent when a Nmata of the partnership between the market and the state to operate according to the foundations of the market both in the investment or production and development facilities in the country's productivity all. On the contrary, it did not generate only economical transitional financially accompanied by neglect fully in building the institutions of a transitional exercise its functions as a market free in the real sector in the later stages of all, the only country relationship market is incomplete transition form Based turbulent relationship in the camp of financial capital in Iraq feeds the case of coexistence between the public finances of the state (to represent the weight of the financial capital of the state rentier Central) and the severe financial market to move to a free market and a solo Unlike other markets productivity deactivated (to represent Based Ahli financial capital).

Thus, the unborn transition to a market economy in our economy rent, but capitalism central fiscal and civil dealing in the alienation of Mali and wide in front of the overall market, who missed the move with him as an investment and real production for lack of legal infrastructure and institutional structures for the transition to a market economy real integrates with the financial market within the market shifting national one instead of a stretch of free financial market to the corridors of the international financial market and the absence of development! which can be dubbed as a development tax.

The financial capital of Al-Ahli, which is a clone of the rentier state capitalism in the financial economies in transition in Iraq is no solo himself devoid of antonyms and conflicts of interest in the sharing of wealth between the written consent of financial and capital market through the central state system overall financial capital. In the midst of coexistence or snooping transition, generated incomplete partnership between the parties of capital (financial state and the market) which is unprecedented in the history of the rentier state capitalism in Iraq. The task is the main financial market Transitional liberal, these unilateral severe, currently only provide incubator are inspired move and function to convert the partnership missing the financial capital Ahli and the completion of shortcomings through phases successive towards the international financial market and not the direction of real activity local investment and development, which missed the foundations and the foundations of moving to a free market and the provision of legal infrastructure similar to what has been provided for the financial market transition free. Although these two successive phases:

First: Develop Partnership missing: The creation or the birth of financial wealth cloned from capitalist rentier state via equation to maximize the distribution of consumption in the budgets of state operational and low production efficiency in the transition to a free market economy productive and enable their development, a phase ellipse: the accumulated financial capital assets wealth actual cash fast collection represents the rights to display the material or a real local benefits, goods and services and wealth limited amounts weak diversity in the market for low performance futile in the provision of development prospects and economic development does not have at the same time prepare sufficient to generate value-added real and access to real investment. On this basis, remained financial capitalism civil restricted movement and growth in the phase of fetal ellipse to poor integration with markets other transitional and تخبطها within the financial market to represent mobility silent or alienation financial financial alienation experienced by financial capital Ahli in partnership missing) with a system of financial capital in whole or in camp financial capital).

And the other: the process of integration: The achievement of civil wealth of financial capitalism which is the process of integration any integration with the global market extreme liberalism, which owns the incubator with a broad spectrum of markets integrated infrastructures transitional jobs. Convert any missing financial wealth to wealth Full assume financial climate transferred to the local liberal rights and obligations to display the very broad international diversity in the international financial market, which we launched in previous writings negative financial capital! Which snaps into warehouses of wealth out of the country and move from savings or surplus latent Local (minus civil) to savings or surplus latent International (fully qualified) within the mechanism provided by the current economic situation in our country over the conflict between the two colors in Show Theater economic events, one sees Black and the other sees White, but the only loser is the real investment in Iraq.

That the current economic system, did not provide the virtue of a transitional economy to a free market structure integrated before this الاجتزاء or unilateral transition of the country's economy to a free market economy without financial other markets, especially the truth. Thus, it has become the financial market free arm to move financial wealth missing configuration weak link joints output in the national economy to the financial wealth complete with warehouses international capital and strengthen accumulation at the global level and depriving the country of accumulating real-configured wealth funds non-sovereign-capitalist financial civil outside the economic activity of the country .

The mechanism of action in the financial economies in transition for Iraq today touched a cause for conflict erupted between the financial state capitalism (rentier owner Big) and between civil financial capitalism (Little Owner) spam on the central rents.

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And مكنونات conflict set off by two factors: the first is the availability of a high degree of tax Negative financial capital Ahli leading to maximize the accumulation of fiscal through tax evasion or tax payment capitalism fragile and the other The role of the financial sector liberalized power market, central to the economy in transition by providing pathways automatically convert savings Local positive (wealth missing the financial capital Ahli according to the first phase) to save an external negative (wealth full financial capital Ahli according to the second phase mentioned above) any conversion recent visit to savings Foreign find themselves in warehouses money safe out of the country within the framework of an incubator for liberal high availability Completed the domestic financial market in the international financial market.

In this integrated cycle of financial capital Ahli in an incubator growth of fetuses in the womb of the market transition unilateral financial free in Iraq, who leads his tools liberal role of nutritious president of Preference consumer business with the outside of the party and the other party ends with a financial negative in warehouses money out of the country as part of the equation begins creating financial wealth missing locally and completed through the financial tools economies in transition, a phase full of wealth and completed to coalesce with cumulative capital cycle at the global level.

In other words, the capital cycle pass through the economies in transition, financial free from a local market narrow fragile generating wealth missing for does not provide diversity to dispose of its optimum (that the absence of an economy in transition and an integrated national market mechanisms) to take the wealth of capitalism on track to move to the international financial market highly diverse and broad flexibility to act. Here are complete cycle of financial wealth (from the embryonic stage of financial capitalism (positive) to the stage of full financial capital (negative, then enters financial capital Ahli network global financial capital as a cumulative power over the composition of a civil wealth funds to Asiadeh!.

Did not provide economies in transition Financial in Iraq, which is in such a unilateral severe, the objective conditions for the sustainability of the economic surplus, or capital formation, stretching assets of state capitalism, to integrate with the national market that live earlier stages of the transition to a free market economy, and that the only way to him is that opens a negative impact on the international financial market and a one-way working on foreign trade financing and / or transfer of surpluses financial wealth resulting mainly converted from the wealth of imperfect conditions Oalahlih to fortune full financial conditions in the disposition offered by world markets with capacity transitional high to a free market economy without obstructions.

فالنشاط macroeconomic who gasping, whether in Rusband or masters, behind the movement of public expenditure of the budget (a tool of fiscal policy) on the one hand and the activity of an auction of foreign currency to the Central Bank (tool of monetary policy) Elsewhere in the syndrome is one of the polarization without that generates real use High (it is still actual unemployment estimated at two places decimal places until the present time) or that generate real investment most of the growth, is regrettably almost our economy in Zhardh current, for leaning towards the multiplication of money or transferred out of the country or even speculative foreign currency activity and priority exercised by the financial market in its current form, making the economy more like the so-called economy casino Casino Economy or Economy gaming room!, a paradox mentioned by economist John Mainrd Keynes Keynes in his famous book, issued in 1936 and marked by: the general theory in use, interest and money stressing the fact that called: Economy casino Casino Economy to speak in capitalist economies, as it describes the idea of Keynes being the economy seen from two different angles: Valmdharben in the money can not be for them to be most harmed Once generate bubble forming Bubble in real economic activity being practiced by the projects actual production , but from the other corner position will be even more dangerous when they turn production projects or activities to just a real financial bubbles forming spin in the cut-throat speculation Istqdobaa the financial sector as a force or a tool for speculation. And confirms John Mainrd Keynes in his book above that when the economy is heading to be a whole byproduct of the gambling hall, the function of the economy will lead role merely an expression of the role of the patient's economy!!! Which is not نرضاه We Muasher economists aspiring to build a real economy and a national firm and strong in the present and promising in the future, especially when it is the evolution of capital in our country heading to be the result of accidental Activity gaming room so to speak, and there will lead the economy and his job or his role just the role of the economy patient .

Of elite speak, can realize that economies in transition to a free market in our country is only stage limited did not move the market, the financial sector to the free market and promised transition financially abstract simulates trade finance consumer of Foreign Affairs and a one-way working on the transfer of financial wealth missing (seed capital of Mali Ahli positive / positive or savings) Otthoelh to complete financial wealth (as Ahli financial capital minus / negative Awadkhar). Thus, the financial economies in transition, is himself to Atktml the degrees Antqalith to domestic financial free market unless it integrates one-way phenomenon with the outside of the free market (the international financial market).

He worked the local financial sector strong transition to the free market alone taking task basis to provide impetus to the alienation of the financial financial alienation and performance of the role of the incubator of wealth financial underemployment created) in the market of the domestic financial and transferred to financial wealth (complete investigation or embodiment) through foreign markets). It observed that the international financial market and its integration with the local market in one direction have led its role as an incubator or complete integration of the embryos in the Iraqi capital markets severely transition to a free market and its mechanisms, but out of the country and in one direction!

If there is a paradox indicate economic activity financial transition in Iraq, where he became an activity distinct in the calculation of value added services in the components of GDP, estimated at about 13% of the components that output played by financial market transition, while not exceeding the contribution of the commodity sectors (agriculture and manufacturing) in the components of GDP between a minimum of 7% and a high of 9% per annum. These levels, which reflect limited production the current consumer rentier structure of the macro-economy.

The private financial sector to move to a free market alone with the loss of public sector restructuring and privatization of appropriate infrastructure and legislative help to move the overall economy to work according to market mechanisms with the hardening of attitudes budget towards distribution and address the problems of unemployment vast by expanding phenomenon of Use and employment in balancing operational constantly growing without the availability of much of the productive enough in the investment budget. As it contributed to all these trends in the policy of the general budget and economic policy accompanying the disruption of economic development and dispel the economic surplus candidate of the head the country's financial, where wasted budget annually returns oil revenues to the weak market efficiency and productivity eat up budget expenditures and Tsthilha to savings negative way or another After satisfying consumer trends through the gate of the financial sector signing to a market economy and integrated in the transmission of the international financial economy and a one-way exhausted and disabled resources for development. Is no longer the national market faculties competitive market in the provision of use of the labor force and the development of physical investment sufficiency required by the economic diversification of the country that the system of capital immersed Bpartyaha (financial capital of the state and financial capital Ahli) in the game Allataaonah which prohibits the country from the economic welfare objectives and attain fitness in allocation of resources between different uses and to maximize production material and support it with investments true to Tacherh unemployment rates low for an ranked decimal one and the escalation of the real growth of GDP is oil to double the pace of current or achieve the goal of Five Year Development Plan for that growth at an annual rate of more than 9% a little.

Valmnzawma college capitalism in its present form is a weak system cooperate in مابينها and If a cooperative Mathrki they move at the expense of the development of the national economy, which requires common targets in the movements of that system. The phenomenon Altmana joint mutual exclusive among the parties of the system itself (the market and the state) What, in fact, only an expression of the phenomenon of the formation of Mali negative) represents resources seeping from the general budget for Atdfa the value-added in the country is something significant in raising the rates of development only expand consumption and the rule of the consumer. In this turn results or expenditure of public spending to civil surpluses take a negative way in the end to the international terminal system incubator and warehouse Mali alternative for economic development. Valkhasr biggest development really is and that this loss continued in this way began to pose a conflict within the camp of being the same capital (rentier state capital and financial capital Ahli negative).

The common Altmana case, which we referred to above between market capitalism and state capitalism in the framework game Allataaonah with the fact that development and target rates to achieve well-being, is today more like the so-called sports in economics: puzzled prisoners Prisoner's Dilemma , which dealt with the theory of games. Fermi ball on the other within the system makes all the capital of the state and the market in bad condition worse state rather than bring them into a single case of luxury, at this point they have to explode even if the conflict is Tnaharia between the joints of that system.

Vmazahr conflict triggered by financial capital Ahli when turning from the entrance to a positive way out negative for the disposal of the case bad worse state transfer wealth of financial wealth is incomplete (the process of wealth creation) to the financial wealth is complete (the process of achieving wealth), a conversion that passes through the market Interim Financial singular . Will not be assured of financial capitalism civil and Ajriah her pal unless realize that wealth is open about the display of physical assets and rights are very diverse and not provided, but the international financial market as long as you see that the joints of the market transition of Interior in the real sector is still absent, at least in its legislative and other structures.

That conflict within the camp of the capital generated by the phenomena of alienation in the system of financial capital Ahli, the alienation which took sprayed ends the conflict within the capitalist camp as long as the total financial capital Ahli offeror will not get rid of Aghtrabh until it becomes a surplus financially or Edjara, the negative in the strongholds of Foreign Affairs to turn into a welfare state well being state of one party مفترقا the state capitalism in the camp, which is today more than yesterday contradiction!.

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The joints of the different decision-makers began addressing and continuously different assessments of the financial sector in transition towards a free market economy and the successor of that transition solo from problematic in the investment climate and real economic progress desired, without being aware that the theory of transition of Iraq to a free market economy is the single configuration since its inception , himself a financial activity as an important pole of the poles of the system of financial capital Ahli negative without the other, which flows into reservoirs financial wealth out of the country. Candidate mainly of the wealth of the financial capital of the state which come from oil revenues centralized wealth.

Based on the foregoing, the problematic transition to a free market economy did not provide a model transitional properly integrated and serve the cause of development and achieve competitiveness in the business environment and provides enough productivity and raise the utilization rates, as far as what has become the financial sector transitional singular mere passage serious offers savings external negative to the strongholds of Foreign Affairs in the system of international financial capital rather than integration in the system of the national capital.

The way for the reform of the financial system in transition: a scenario to contain the conflict within the capital system

Since monetary policy is the focus of the conduct of financial economies in transition in Iraq, the contrast with the party's strong fiscal policy in the camp of capital make them Bodqp to that conflict between the parties of capital camp. And the options open are either refer to the stage of capitalism of the central state and the removal of economies in transition Financial as a whole in its current state, a path is incompatible with democracy and political democracy Finance in the conduct of the joints of the economy towards a market economy and perhaps restore the country to the patterns of economic no longer valid and constitutional life the country's new and the reform of the financial sector in transition itself by making it less liberal and re-conduct orientations to other sectors not completed the transition to a free market economy, which may raise concerns repulsion electrode current financial with the other tracks of state capitalism did not solve the problems of conflict within the camp of capital .

Apart from الجدليات circuit that all damaged in a vicious circle, where you see the school of public finances in a liberal financial market, and its ability continuing to generate financial capital Ahli and Maerafgah phenomena of alienation Mali ending in warehouses financial wealth out of the country, is to graduate from being an incubator recession represents tax that contribute to the development disable the joints of production, investment and employment in the real sector of the opinion. While you see the school Alncodeh Iraq in the behavior of public finances consumer and severe bulks of the rule of the consumer and the search for additional resources through the desire to borrow from the foreign reserves of the Central Bank, the cover الساند to the stability of the Iraqi dinar, is the way to undermine stability and generate pressures and inflationary expectations, which caused the crush standard of living during the past decades, which operates deduced from the objectives of stability exercised by monetary policy in achieving its goals through tax collection by borrowing represents the inflation tax. Taxes are first crushed in development while the second tax crush the standard of living and people's lives and brought into the dark tunnel release cash.

And notes that the pillars of the reform no matter how moved away or close it damage on the principles enshrined in the Iraqi Central Bank Law No. 56 of 2004, which was born as a prelude for the Liberation of the financial market and access to an economy in transition overall shape of the central bank spearhead the development of liberal financial in Iraq.

Began kits transition to a market economy really in financial activity or financial market without other sectors marked by the liberalization of prices and the use of the sector to achieve macroeconomic stability and make inflation at its lowest level in economic history near in Iraq and the launch of the forces of demand pent-up, as well as the development of indirect means in monetary policy, which relies free financial market stability and the financial depth of the impact of development in the movement and the development of investment in the real market, provided that such market mutant and enjoy adequate legal infrastructure.

The procedures and banking reforms and liberalization of interest rate, credit and Air Act Iraqi market for securities and the formation of the Securities Commission as a regulatory organization for the capital market and the reform of the legal infrastructure for the financial sector, which was issued a number of laws and regulations, regulatory and organizational transformation of the financial sector to a market economy, all of which have generated really market transition very liberal of incomplete Off market relatively untouched desired shift towards a market economy or improve its a stagnant private sector not strong enough to not interfere movement of financial capital of the state or Ahli to move within the coordination of macroeconomic system.

The question field controversy, is whether fiscal policy lacks the capacity to stimulate economic development and management of an efficient cross budgets investment since 2004, and even near time, to Aatqadtha that the financial sector signing to a free market economy is the one who will exercise such as this function funding and implementation, we turn to politics independent monetary mired in providing an atmosphere of stability and achieve ideal levels of it, they nevertheless did not move are the other development capabilities and drive real investment in the market.

So notice, he does not fiscal policy, which lacks the availability of elements sufficiently productive to achieving development goals and mired really distributive justice and building elements of the welfare state consumer is able to create the investment climate development and enable development and maximize the business environment, particularly in weak markets is transitional and production sectors real inherent to it, and as well as independent monetary policy, which provided stability at the top levels of fitness in the country, has stimulated financial capital investment is moving towards real junk.

The call to change or amend the law on the Central Bank of Iraq in force No. 56 for the year 2004 is an explicit call to respond to manifestations of economies in transition in Iraq through this unilateral liberal in transition to financial market Transitional free exclusively, especially after the launch of strength and liberation from the constraints that provided stability Kmnach important for development but did not provide development standards in the market because of the real dilemmas caused by the high polarization of financial capital in the economy of the state and the market economy together due to the absence of transition coordinator destruction.

Although it can not find the value of objective diagnosis in shaping the country's economic future unless they put an intellectual approach to economic policy clear for them to come out of the national economy from its current crisis in any crisis development development.

Valrjoa to the idea of extreme centralization again in the management of the economy posed by the other between now and then, or read it from between the lines is the return to the game snakes and ladders, but this time the beats where the number of snakes on the number of stairs, which enters the country is in trouble constitutional intersects with the orientations of the new Iraq aspiring to strengthen the institutions of a free market and unconditional improve the behavior of the market and its transition from a free market incontinent to a free market oriented.

The call to reform the law of the Central Bank of Iraq's current requirement to maintain its independence (and that this independence does not mean intersection with the provision of credit to the general budget when they reach the economy critical stages threaten its security national economic) should تتلازم such a call in the reform strategy of the general budget so as to provide the conditions under which coalesce the two policies of fiscal and monetary and Tensjama in their work towards activating Jump destruction to the free market-oriented homogenized, and re-weft real investment and promote economic development بمناخات new, require the integration of economic policy in the policies of the free market-oriented in order to generate impact backflow feed back to financial capital and turn of the case negative to the positive state actors to finance investments inherent in the actual development activity and maximize the use of local rather than infiltration into warehouses outside the country under the influence of the financial behavior of alienation financial alienation , which we noted it in advance.

The thinking in the reform of the Law of the Central Bank of Iraq, while maintaining the independence of monetary policy is the idea should not begin in isolation from the financial reform policy orientations before reach Lt. change and the appropriate monetary policy paths. Should be on fiscal policy that Atstsel delve into the inflation tax through easy to get cash cheap or easy easy money also referred to when ماتشاء and however you like except for critical situations affecting the supreme interest of the country and be a cause to threaten national economic security then lend to the general budget of the central bank and the limits drawn by the law.

As long as the oil revenues and growing resources will continue to be the central economic surplus for the country in the foreseeable term, it has to be to take two complementary trends in investment terms:

First: The budget investment and orientations toward the production of public goods, public goods and we mean here the physical infrastructure or other infrastructure as well as enabling investment climate and development in the private sector, including the provision of the partnership strategy between the market economy and the economy of the state through what might be called the creation of a free-market-oriented or uncontrolled and draw strategies to do so immediately and the state moves away from the production ofgoods , which holds the output of many public sector companies.

And the other: the creation of sovereign wealth fund supportive of the general budget to cope with failures in annual revenue and meet the deviations between the revenue and expenditure of public promise bumper financial fiscal buffer and an average balance of 15% of the budgets of the past five years consistently invested financially meta-investment sovereign.

And as it came to reform of monetary policy, the development of its credit towards a free-market-oriented (according to the personal vision of the writer) should take another turn in moving investments true where according to perceptions do not affect the independence of the central bank to the market this time and maintain stability at the same time which is in line with the objectives of the central bank in achieving stability and development of one level in terms of the so-called the dual validity of this approach comes because of the privacy of our country that circumstances require effective guidance aggressively market and more than one extra axis!

Noting that the areas to enable the market that can be exercised by monetary policy in the development and economic progress and the performance of its role in this regard are not exceeding areas of advancement financing of public goods-use custom club public good away from indulging in investing in commodities which are the prerogative of the market transition free router. And I think from the standpoint of personal that provide credit to those investment activities through the banking system of national pay rates of development and real investment to the level of undesirable contribute to breaking the cycle of attrition financial experienced by the national economy by creating a climate of active and attractive reduces saving exterior and provides areas of intense attraction to the head Money financial Ahli anode.

The scenic, fiscal policy and monetary policy as a response above represent undoubtedly walk to the principles of the work and the atmosphere of healthy economic intense coordination between them and keeps time himself on the principles and mechanisms of economies in transition towards a free market-oriented without violation of constitutional and guarantee the independence of the central bank and end problematic conflict within the joints of economic policy on the one hand and the joints of the overall system of capital on the other.

As the lending market the discretionary procedures and enable the development paths and real investment on the part of monetary policy and promise an active hub towards the market they have to coincide with the formation of a sovereign wealth fund compensates the needs of the general budget when deflection revenue and the face of failures.

Conclusion: The walk to repair the system of capital, requires in essence economic policy reform Berkanha all so as to provide the objective conditions of the national economy in transition overall economy to a free market competitive uncontrolled or router in one package keeps on track to ship Iraq strong economic and adjust the compass in stability and the fight against inflation and achieve economic development and targeting parallel and equal lines without resorting to the lifeboats!!

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