Courtesy Reuters

Ayatollah Ruhollah Khomeini once famously dismissed an aide worried about inflation by telling him that "this revolution was not about the price of watermelons." Today, Khomeini's successors are finding the high price of watermelons-not to mention of meat, housing, and cars-much harder to ignore. The untold story of postrevolutionary Iran is one of economic decline: the steady, 25-year deterioration of a nation that once boasted a per capita income equivalent to Spain's, pumped six million barrels of oil a day, and nurtured a vibrant middle class. Today, Iran's real per capita income is a third of what it was before

This article is part of our premium archives.

To continue reading and get full access to our entire archive, you must subscribe.

Subscribe