The Political Economy of the Egyptian Uprising

Abstract

Not long after Egyptian Vice President Omar Suleiman announced that Hosni Mubarak would resign his post as President, U.S. Secretary of State Hillary Clinton flew to Egypt to congratulate the Egyptian people on a job well done. The revolutionaries had accomplished their goal, she said. Everyone could go home and feel proud of their historic achievement and leave the cleaning up to the responsible adults—the United States and the closely allied Egyptian military, which has ruled Egypt since 1952. To prove that there were no hard feelings against the Egyptians for overthrowing one of the closest and most important U.S. allies in the Arab world, the IMF, World Bank, the G8, and the United States itself—the very entities responsible for supporting Mubarak's thirty-year rule and imposing draconian neoliberal programs on Egypt—have extended as much as $15 billion in aid and credit to Egypt and Tunisia to assist in their transitions to democracy. This generosity begs the question: why are Western governments, and the international financial institutions (IFIs) that are closely linked to them, falling over one another to show their generosity to the revolutionaries and to display their support for progress in the Middle East?This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.