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On 22–26 July 1952, the Free Officers, a group of disaffected officers in the Egyptian army founded by Gamal Abdel Nasser and headed by General Muhammad Naguib, initiated the Egyptian Revolution of 1952 which overthrew King Farouk, whom the military blamed for Egypt's poor performance in the 1948 war with Israel and lack of progress in fighting poverty, disease and illiteracy in Egypt. [5]
Nationalization may produce other effects, such as reducing competition in the marketplace, which in turn reduces incentives to innovation and maintains high prices. In the short run, nationalization can provide a larger revenue stream for government but may cause that industry to falter depending on the motivations of the nationalizing party.
This proved inadequate in 1938, when a large share of Mefo's five-year promissory notes fell due, so the government employed "highly dubious methods" where "banks were forced to buy government bonds, and the government took money from savings accounts and insurance companies" in order to pay the holders of Mefo bills, due mainly to a serious ...
The origins of the EMS can be traced back to the end of 1960 when the Heads of the member states of the EEC, known as the European Council today, met in the Hague and agreed to begin moving toward the goal of a single European economy. [8] In 1969, the European Council decided to create an economic and monetary union to be implemented by 1980. [9]
The nationalization announcement was greeted very emotionally by the audience and, throughout the Arab world, thousands entered the streets shouting slogans of support. [119] US ambassador Henry A. Byroade stated, "I cannot overemphasize [the] popularity of the Canal Company nationalization within Egypt, even among Nasser's enemies."
The phrase is sometimes related to the term class warfare, where the redistribution is alleged to counteract harm caused by high-income earners and the wealthy through means such as unfairness and discrimination. [4] Redistribution tax policy should not be confused with predistribution policies. "Predistribution" is the idea that the state ...
In the same time period the major oil companies went from a production in the crude oil market of 30 to 15.2 million barrels (4.8 to 2.4 million cubic metres), a decrease of nearly 50%. In this period, the production from reserves under their own control went from 25.5 to 6.7 million bbl (4.1 to 1.1 million m 3 ), a decrease of 74%.
1868 Nationalisation of inland telegraphs under the General Post Office with the Telegraph Act 1868. [69] 1875 Suez Canal Company - The Egyptian share in the company was bought by the government. 1912 Nationalisation of National Telephone Company under the GPO, apart from Portsmouth and Hull. The Portsmouth telephone service was nationalised ...