What are investors to make of the transfer of power in Egypt?
Confidence and credibility are important hallmarks that international business needs to protect capital. The military can instill a sense of security and safeguard the state, but governments must create confidence in the system through deeds.
Although the U.S. has been Egypt’s ally, it failed to bring any meaningful economic change to the North African country since the 1980s. Decades of U.S. aid helped create a parasitic class of beneficiaries and an economy that urgently needs to discover new ways to revive its engines of growth.
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