In This Review

The Israeli Economy: Maturing Through Crises
The Israeli Economy: Maturing Through Crises
Edited by Yoram Ben-Porath
Harvard University Press, 1986, 426 pp.

In a major work, a mine of information intelligently analyzed, a team of Israel's top economists surveys all aspects of the country's course since independence, with special attention to the change, after the watershed year of 1973, from steady growth and prosperity to slowdown, mounting debt, inflation and increasing dependence on U.S. aid. The turnabout was due to external as well as internal causes, to bad luck as well as bad policy, but the authors generally agree that the economy has now "matured" into the gravest crisis of all and that only drastic structural reform, with all its political uncertainties, can save the situation.