by Patrick Appel

Salwa Ismail explains it:

Mubarak and the clique surrounding him have long treated Egypt as their fiefdom and its resources as spoils to be divided among them.

Under sweeping privatisation policies, they appropriated profitable public enterprises and vast areas of state-owned lands. A small group of businessmen seized public assets and acquired monopoly positions in strategic commodity markets such as iron and steel, cement and wood. While crony capitalism flourished, local industries that were once the backbone of the economy were left to decline. At the same time, private sector industries making environmentally hazardous products like ceramics, marble and fertilisers have expanded without effective regulation at a great cost to the health of the population.

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