Jordanian Economic System History to Modern day Term Paper

Jordanian Economic System History to Modern day - Term Paper Example This research will begin with the economical history of Jordan. Jordan gained independence in the year 1946 when the United Nations declared the nation Independent from the rule of the British. If we delve into the economic history of Jordan, it becomes clear that Jordan since its independence in 1946 and its takeover by the West Bank has managed to position itself in a prominent place in world economy. Soon after the annexation, Jordan experienced a great level of economic growth in different areas as a result of availability of large arable lands and a large amount of supply of water from West Bank. It is to be noted that it is one of the most flourishing periods in the economy of Jordan. The annexation opened up the doors for economic prosperity for the nation as it now stood to gain an upper hand in agriculture. The country however experienced a slump period in its economy since Israel defeated and took over West Bank and sent the people of Jordan back from West Bank. Jordan suff ered a major set back due to this as it experienced a great deal of loss in terms of resources and materials. The Black September Civil war, that Jordan fought in September of 1970, to quash the Palestine military served to create a major set back for the economic growth of the region. The Black September civil war put a stop to the economical prosperity that the nation faced after the annexation. Soon after recovering from the civil war, the country again got back to its full form and had a stable growth until 1980s.    A Short Lived Boon in 1980    In the 1980s the country had a  considerable  boon in the economy due to the nation's  capitalization on the oil economy. Oil market is one of the biggest commodities in the world today and is mandatory to move industries and promote