Principles of Economy for Syrian Refugees

The Friedrich Naumann Foundation for Liberty organized a workshop on principles of economics at Belle Vue Hotel, Amman. The workshop took place on the 18th and 19th of December 2015

The workshop started with Mr. Mohammad Masaadeh, Managing Partner, Arabian Business Consultants for Development, where he talked about different kinds of economic systems, socialism communism and capitalism and Free Market. He differentiated between the Free Market Economy and capitalism by saying that free market economy focuses on entrepreneurship and Individualism, while capitalism focuses more on capital.

A small discussion on general budgets of a country, how is it made and what should it contain, Mr. Masaadeh mentioned that Jordan has a big government compared the GDP it has.

Discussing economic freedom, the participants and the trainer agreed that when economic freedom increases in a country, a higher quality of living is expected in the country also it improves effectiveness and efficiency of the economy. One of the participants said claimed economic freedom has advantages and disadvantages, he sees that the big companies kill the chance of entrepreneurs to grow if there was no rules prevents this from happening.

Masaadeh also talked about some principles of Microeconomics such as scarcity of resources, demand and supply, and Property rights.  After talking about the concepts of competitive advantages, participants listed some competitive advantages in Syria, some of the industries that has a competitive advantages in Syria according to them are clothes manufacturing, Agriculture, Tourism, TV production, and substitute energy.

Second day started with a session on Macroeconomics by Dr. Noah Al Shyab, a professor at Yarmouk University, he talked about the Gross National Production, how is it measured what is the situation of Syria and Jordan. He mentioned that inflation is not necessary a bad thing, a steady percentage of inflation is actually healthy for the economy.    

Dr. Noah discussed with the participants the ways Germany used to overcome the economic crisis, such as increasing the government expenditure and, renovating the infrastructure, supporting businesses, and decreasing interest rates. This discussion brought to the mind of a participant the question, why don’t we here in Syria or in Jordan are able to apply such strategies to avoid economic crisis. other participants answered by lack of planning, corruption and inefficiency.

Last session was with Mr. Saed Daraghmeh, a trainer and motivational speaker, who held  a session under the title of “ Magic of Entrepreneurship – Create your economy and build your future on your own”. He mentioned that there are some mutual features of successful people no matter where they are or what they do, such as taking initiative, taking risks, learn from experiences, self-confidence, and positive thinking. He also defined entrepreneur as the person who has the ability to transfer new ideas and innovations into successful and economically profitable businesses. People look at  Entrepreneurs, as Saed explained, with a not accurate stereotype,  such as the age of an entrepreneur, his/her marital status, the family, his/her ability to find a job.  

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