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WE HAVE BEEN ILL-SERVED BY CONTEMPORARY ECONOMIC DEBATES THAT FAIL TO TAKE ACCOUNT OF CULTURE FACTORS. THIS ARTICLE OFFERS THE EXAMPLE OF THE ARGUMENT THAT HAS TAKEN PLACE IN THE UNITED STATES BETWEEN FREE-MARKET ECONOMISTS AND THE SO-CALLED NEOMERCANTILISTS OVER THE PAST DECADE. IT EXPLORES THE LIMITS OF NEOMERCANTILISM, NEOCLASSICAL HUBRIS, AND, RATIONALITY AND CULTURE, IT CONCLUDES THAT THE MOST IMPORTANT VARIABLE IS NOT INDUSTRIAL POLICY AS SUCH BUT CULTURE.

THIS ARTICLE ASSERTS THAT SUSTAINED ECONOMIC DEVELOPMENT REQUIRES APPROPRIATE PALESTINIAN ECONOMIC POLICIES, THE DEVELOPMENT OF PALESTINIAN ECONOMIC INSTITUTIONS, AND ACCESS TO THE ISRAELI, JORDANIAN, AND OTHER FOREIGN MARKETS FOR PALESTINIAN PRODUCTS. ITS DISCUSSION DRAWS EXTENSIVELY ON THE REPORT "SECURING PEACE IN THE MIDDLE EAST: PROJECT ON ECONOMIC TRANSISTION" ISSUED BY THE INSTITUTE FOR SOCIAL AND ECONOMIC POLICY IN THE MIDDLE EAST AT HARVARD'S KENNEDY SCHOOL IN JUNE 1993. THE ARTICLE EXPLORES ECONOMIC DEVELOPMENT STRATEGY, FISCAL ARRANGEMENTS, MONETARY AND FINANCIAL ARRANGEMENTS, FOREIGN AID, AND PALESTINIAN ECONOMIC MANAGEMENT.

Openness vis-i-vis the world and an improved incentive system at home are the key requirements for a lasting re-acceleration of economic growth in Europe, the U.S. and indeed most parts of the world. More specifically, the policy-oriented message to be propounded in this paper is essentially twofold: (i) Europe could already learn much from the U.S. to improve its incentive system and to make its internal markets more open, (ii) Openness vis-a-vis the world economy is a task to be pushed onto the policy agenda in the U.S. as well as in Europe and Japan. Such international openness involves more competition among governments and central banks, a competition that can support our hopes for limited government and sound money in future decades.