Pomeps Conversations

Amr Adly talks about his latest book, Cleft Capitalism: The Social Origins of Failed Market Making in Egypt, with Marc Lynch on this week’s podcast. The book explores why market-based economic development failed to meet expectations in Egypt. “The main argument is that we have three business systems in Egypt in reference to rules formal as well as informal and mixes of the two, according to which different business establishments have been operating. And the crucial thing really is how their access to physical and financial capital has been regulated.” “The main point here is that the vast majority of private establishments, the ones that are strictly owned by private individuals, have suffered from a chronic under structuring under capitalization when it comes to access to back credit given of course the structure of the financial system in Egypt, which is very much bank-based, as well as access to land.” "One of the problems here is that you have a banking system in Egypt that is still very much control