Thursday, April 09, 2009
Gloomy picture of Dubai
I just read Johann Hari on Dubai in The Independent and it is shockingly bad. It really makes you feel bad for poor people from India and Bangladesh who are working there. And, it makes me wonder afresh whether it's possible to do international finance in an authoritarian country. I feel finance critically requires the rule of law, and strong constitutional foundations for freedom of speech. Also see this, dating back to December 2006.
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again Ajay, thanks for this excellent link. I just belatedly finished reading the entire article.
ReplyDeleteInteresting that even phoreners from europe are sleeping in their cars! because there is no such thing as "bankruptcy" in UAE. you go to PRISON!
And now, irony upon ironies, Dubai is practically bankrupt! getting bailout from Abu Dhabi. No prison time for Sheikh Maktoum!
Another hypocrisy of the middle east is exposed thanks to the independent UK.