Invest Like an Egyptian
Amid the sell-off Friday there was one common theme: Egypt. In the short run global stock markets were down as the situation unfolds. Uncertainty is the bane of economic growth. When people don’t know what’s going to happen next, they tend to stay home. Companies pull back on investment plans. But democratic reform in the Middle East would be good for the world economy. Hundreds of millions have lived in abject poverty, as elite leaders have maintained their power through patronage and corruption. Inevitably, [...]