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Egypt has undergone significant economic liberalization under the auspices of the International Monetary Fund, the World Bank, USAID, and the European Commission. Yet after more than four decades of economic reform, the Egyptian economy still fails to meet popular expectations for inclusive growth, better standards of living, and high-quality employment. While many analysts point to cronyism and corruption, Amr Adly finds the root causes of this stagnation in the underlying social and political conditions of economic development. Cleft Capitalism offers a new explanation for why market-based development can fail to meet expectations: small businesses in Egypt are not growing into medium and larger businesses. The practical outcome of this missing middle syndrome is the continuous erosion of the economic and social privileges once enjoyed by the middle classes and unionized labor, without creating enough winners from market making. This in turn set the stage for alienation, discontent, and, finally, revolt. With this book, Adly uncovers both an institutional explanation for Egypt's failed market making, and sheds light on the key factors of arrested economic development across the Global South.

Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Capitalism --- Egypt --- Economic conditions --- Economic policy. --- E-books --- Market economy --- Profit --- Capital --- Capitalism. --- baladi capitalism. --- capitalist transformation. --- crony capitalism. --- dandy capitalism. --- institutions. --- market integration. --- missing middle. --- small scale establishments. --- social coalition.

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"In 2015, an anonymous source leaked the so-called Panama Papers, 11.5 million documents detailing financial and attorney-client information and connecting over 140 ultra-wealthy individuals across 50 countries to offshore companies in 21 tax havens. Journalists and scholars have attempted to chart these complex networks in the wake of various scandals but have learned very little. The focus on high-profile cases of egregious theft leaves a shroud of uncertainty over the mechanics behind the invisible, mundane networks of people who facilitate illicit activities by conducting transactions across multiple sovereigns. Playing in the Gray focuses on the constant and quiet movement of money through offshore shell corporations, the primary motor of global capital. Hoang takes a deep-dive into the emerging markets of Vietnam and Myanmar. Over the course of two years, she travelled more than 350,000 miles to conduct ethnographic observations and interviews with 300 individuals who facilitate the movement of capital around the world. Her research subjects include private wealth managers, fund managers, chairpeople, local entrepreneurs, high-level executives, lawyers, bankers, auditors, and company secretaries, each playing an essential role in circulating concealed capital through global markets. She draws on this data to develop a new framework for understanding what she calls spiderweb capitalism, which she defines as a system that features a complex web of subsidiaries that are interconnected across multiple sovereigns and are virtually impossible to quantify. She argues that legal and illegal activity are in fact deeply connected in this web and provides an account of how financial elites make markets in the new globalized economy"--

Capitalists and financiers. --- Capitalism. --- Shell companies. --- Investments, Foreign. --- 1Malaysia Development Berhad scandal. --- Accountant. --- Accounting. --- Alice Goffman. --- Anti-imperialism. --- Asset management. --- Auditor. --- Back office. --- Bank run. --- Behalf. --- Black market. --- Bribery. --- Brokerage firm. --- Bureaucrat. --- Burmese Way to Socialism. --- Business class. --- Business ethics. --- Capital Allocation. --- Capital Injection. --- Cess. --- Chief investment officer. --- Competitive landscape. --- Construction permit. --- Corporate tax. --- Corruption. --- Crony capitalism. --- Cronyism. --- Deprivatization. --- Devolution. --- Donald Trump. --- Economic capital. --- Economic power. --- Economics. --- Employment. --- Equity Market. --- Expense. --- Family office. --- Finance. --- Financial crisis of 2007–08. --- Foreign Account Tax Compliance Act. --- Foreign direct investment. --- Fraud. --- Frontier markets. --- Gresham's law. --- Group of Eleven. --- Growth capital. --- Insider. --- Internal financing. --- International Consortium of Investigative Journalists. --- International business. --- Investment company. --- Investment fund. --- Investment protection. --- Investment. --- Investor. --- Jho Low. --- Joint venture. --- Joseph Schumpeter. --- Kleptocracy. --- Law firm. --- Lawyer. --- LinkedIn. --- Market maker. --- Military dictatorship. --- Myanmar. --- National wealth fund. --- New Frontier. --- Next Eleven. --- Offshore financial centre. --- Offshore investment. --- Offshoring. --- Panama Papers. --- Partnership. --- Plausible deniability. --- Private equity. --- Real estate (Second Life). --- Shell corporation. --- Southeast Asia. --- Stanley O'Neal. --- State actor. --- State bank. --- Structuring. --- Succession planning. --- Tax avoidance. --- Tax evasion. --- Tax haven. --- Tax holiday. --- Tax incidence. --- Tax shift. --- Tax. --- The Other Hand. --- The Power Elite. --- Theft. --- Trade secret. --- Trade war. --- Transfer pricing. --- United States embargoes. --- Wealth management. --- Your Money.