Stabilization and adjustment in Egypt : reform or de industrialization This book studies the impact of Egypts Economic Reform and Structural Adjustment Programme (ERSAP) the effects of which have been of great interest to the international community. Organizations such as the World Bank and the IMF uphold the programme as a success story and example for other countries to follow. ERSAP also has its critics however who resent its tendency to downsize government and fear possible negative effects on growth and development. The author discusses these concerns along with those regarding the possible negative social effects of ERSAP 1. Stabilization experience before the 1990s 2. Economic reform in the 1990s 3. The macroeconomic effects of ERSAP : structural reform or Dutch. disease 4. The main features of the manufacturing sector 5. The microeconomic effects of ERSAP 1 : the aluminium industry 6. The microeconomic effects of ERSAP 2 : the iron and steel industry 7. ERSAP and industrialization : concluding remarks