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Making Sense of Iranian Society, Culture, and Business by Hamid Yeganeh

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Chapter 8

Structure and Components of Iran’s Economy

A Historical View

Between the1960s and the 1970s, Iran’s economy enjoyed growth rates of 10 percent per year along with growth in per capita income and low inflation.1 In the late 1970s, Iran was flourishing and had accumulated enormous amounts of surplus to invest. The 1979 Islamic Revolution suddenly disrupted the business activities, strained the existing social relations, and led to political and economic anarchy. Shortly after the revolution, the Islamic government nationalized large manufacturing and financial enterprises and the Revolutionary Islamic courts confiscated property of the so-called antirevolutionaries and capitalists. ...

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