War in Iraq: who will pay?

Bloom, Jonty
May 2003
Accountancy;May2003, Vol. 131 Issue 1317, p30
Trade Publication
The author looks at economic consequences of the Iraq war of 2003 and discovers that poor trade relations between the U.S. and the EU could make both of them losers. The U.S. is taking money away from its highly-efficient and productive private sector and spending it on less productive things, like border controls. In the long-term that is likely to work to the detriment of the U.S. and therefore the world's economy. Rebuilding Iraqi infrastructure is the foremost duty of the world. Instead the U.S. is investing money and diplomatic time and effort to open up oil production elsewhere. Bringing more Iraqi oil to the market fits into that long-term plan very nicely. It adds to the amount of oil available on the international market at any one time and therefore keeps the price down. It also makes it much more difficult for any one dictator, country, cartel or region to control the supply of oil. American President George W. Bush has put tariffs on steel imports and increased agricultural subsidies in order to protect domestic industries. With the Doha Trade Round already pretty mired down there could be a real chance that more of the same could follow and even if the US doesn't introduce anymore tariffs the failure of the Doha trade talks would in itself be a blow to the world's economy. Trade disputes cause a lot of collateral damage. British companies which do business in the U.S. are in an enviable position at the moment. INSET: Iraq conflict hits Motown..


Related Articles

  • Diplomatic Balancing Act.  // Emerging Europe Monitor: South East Europe Monitor;Jan2004, Vol. 11 Issue 1, p4 

    This article focuses on recent developments in world politics. Although the European Union (EU) accession remains a top priority for Bulgaria, the government has continued its attempts to win the support of its U.S. counterpart. In light of the divisions between U.S. and Belgium caused by the...

  • A new American project for a very different century.  // MEED: Middle East Economic Digest;10/27/2006, Vol. 50 Issue 43, p56 

    The article focuses on the impact of the U.S. mid-term national elections in November 2006 on the future of the Middle East. Oil and gas producers should consider the implications of a Democrat win on an environmental platform. The Democrats look like gaining in November, but not enough to...

  • The Elusive Costs of War. Garten, Jeffrey E. // Bulletin with Newsweek;4/20/2004, Vol. 122 Issue 6417, p29 

    As America's occupation of Iraq takes a turn for the worse, there is a risk of widening collateral damage. As a market, Iraq is small potatoes in a $30 trillion dollar world economy. True, it has huge oil reserves, but since the country has been under international trade sanctions for the last...

  • After the Fall. Fattah, Hassan // New Republic;5/19/2003, Vol. 228 Issue 19, p11 

    The author offers observations on the effect of the loss of low Iraqi oil prices on the Jordanian economy following the end of major combat in the Iraq War. An oil tanker moored in the port of Aqaba was meant as an emergency measure in case oil supplies from Iraq were cut off during the...

  • US anger to hit business.  // Accountancy;May2003, Vol. 131 Issue 1317, p5 

    The medium-term outcome of the Iraq war is likely to be greater global polarisation. This is the view of veteran BBC business correspondent Jonty Bloom. Reporting for the periodical "Accountancy," he comments on a gathering mood of anger which is focused on its former friends. This is...

  • The Long Game. Anderson, Kenneth // Humanist;Mar/Apr2007, Vol. 67 Issue 2, p14 

    This article discusses a law regarding the oil industry, which is expected to be passed by the Iraqi parliament. The author views this law as the latest in a decades-long history of attempts by the oil industry and the United States government to gain control of Middle Eastern oil fields. This...

  • War. Tirschwell, Peter // Journal of Commerce (1542-3867);3/24/2003, Vol. 4 Issue 12, p6 

    Focuses on the decision of the U.S. to overthrow Iraqi President Saddam Hussein by force. Reason for the opposition to the war; Benefits that the war will give the Iraqi people; Impact of the war on U.S. international trade relations.

  • ARGUS. Hamilton, Argus // Orange County Business Journal;3/31/2003, Vol. 26 Issue 13, p39 

    Presents news updates concerning politics and government in the U.S. as of April 6, 2003. Debate over the bombing of Baghdad, Iraq; Oklahoma Senate's discussion of a bill to create a voter-approved statewide lottery in an attempt to raise money for education.

  • Liberals Meet Unexpected Resistance. Coulter, Ann // Human Events;5/5/2003, Vol. 59 Issue 15, p6 

    Comments on an unexpected resistance met by U.S. liberals regarding their anticipated failure of the U.S.-led war in Iraq in 2003. Effort of liberals to look for bad news about the war; Discovery of documents in Baghdad, Iraq linking former Iraqi President Saddam Hussein to Osama bin Laden;...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics