This article by Timothy Mitchell, which was published in Review of African Political Economy in 1999, gives a telling account of liberal adjustments in the Egyptian economy during the 1990s. Mitchell explains how neoliberal reforms in Egypt actually accomplished very little of what they set out to achieve. Much of the economic “progress” seen during this period, according to at the article, was influenced by a host of factors not normally acknowledged by advocates of the reforms. For example, the success of the banking sector after its collapse was greatly funded by the state. Or, how although the reforms were intended to create an export boom, they actually hurt exports and instead created a massive and unwarranted boom in domestic construction projects. This article gives an excellent examination into Egypt’s structural reforms of the 1990s and provides a critical analysis that is difficult to find.
PDF can be accessed here: the logic of neoliberalism in egypt.