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| | ECONOMY - x. UNDER THE ISLAMIC REPUBLIC |
 | | The political upheavals that preceded the establishment of the Islamic regime had wreaked havoc with the economy. |
 | | On the other hand, despite a long tradition of extensive rulings in Shi¿ite jurisprudence on many economic matters such as property rights, taxes, interest, and business contracts, there were no ready-made blueprints for an Islamic economic model to replace the old order (Bakhash, pp. |
 | | In practice, however, the Islamic government failed to develop new sources of revenue, and its budgets continued to be determined by developments in oil revenues, forcing the state to finance its deficit mainly through borrowings from the Central Bank. |
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