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The total number of immigrants in was ,, and after the collapse of the Soviet Union immigration totaled 1,, in , mostly from the former Soviet Union. Unlike the earlier period, these immigrants were gradually absorbed in productive employment though often not in the same activity as abroad without resort to make-work projects.
By the end of the century the population of Israel passed 6,,, with the Jewish population being 78 percent of the total. The immigrants from the former Soviet Union were equal to about one-fifth of the Jewish population, and were a significant and important addition of human capital to the labor force. As the economy developed, the structure of output changed.
The structure of manufacturing has also changed: both in total production and in exports the share of traditional, low-tech industries has declined, with sophisticated, high-tech products, particularly electronics, achieving primary importance. Fluctuations in output were marked by periods of inflation and periods of unemployment.
After a change in exchange rate policy in the late s discussed below , an inflationary spiral was unleashed. Hyperinflation rates were reached in the early s, about percent per year by the time a drastic stabilization policy was imposed in Exchange rate stabilization, budgetary and monetary restraint, and wage and price freezes sharply reduced the rate of inflation to less than 20 percent, and then to about 16 percent in the late s.
Very drastic monetary policy, from the late s, finally reduced the inflation to zero by However, this policy, combined with external factors such as the bursting of the high-tech bubble, recession abroad, and domestic insecurity resulting from the intifada, led to unemployment levels above 10 percent at the beginning of the new century.
The economic improvements since the latter half of have, as yet February , not significantly reduced the level of unemployment. The Israeli economy was initially subject to extensive government controls. Only gradually was the economy converted into a fairly free though still not completely so market economy.
This process began in the s. In response to a realization by policy makers that government intervention in the economy was excessive, and to the challenge posed by the creation in Europe of a customs union which gradually progressed into the present European Union , Israel embarked upon a very gradual process of economic liberalization.
This appeared first in foreign trade: quantitative restrictions on imports were replaced by tariff protection, which was slowly reduced, and both import-substitution and exports were encouraged by more realistic exchange rates rather than by protection and subsidies.
By late a considerable degree of trade liberalization had taken place. In October of that year, Israel moved from a fixed exchange rate system to a floating rate system, and restrictions on capital movements were considerably liberalized.
However, there followed a disastrous inflationary spiral which curbed the capital liberalization process. Capital flows were not completely liberalized until the beginning of the new century. Throughout the s and the s there were additional liberalization measures: in monetary policy, in domestic capital markets, and in various instruments of governmental interference in economic activity.
The role of government in the economy was considerably decreased. On the other hand, some governmental economic functions were increased: a national health insurance system was introduced, though private health providers continued to provide health services within the national system. Social welfare payments, such as unemployment benefits, child allowances, old age pensions and minimum income support, were expanded continuously, until they formed a major budgetary expenditure. These transfer payments compensated, to a large extent, for the continuous growth of income inequality, which had moved Israel from among the developed countries with the least income inequality to those with the most.
Beginning in , the Ministry of Finance embarked upon a major effort to decrease welfare payments, induce greater participation in the labor force, privatize enterprises still owned by government, and reduce both the relative size of the government deficit and the government sector itself. These activities are the result of an ideological acceptance by the present policy makers of the concept that a truly free market economy is needed to fit into and compete in the modern world of globalization.
An important economic institution is the Histadrut, a federation of labor unions. What had made this institution unique is that, in addition to normal labor union functions, it encompassed agricultural and other cooperatives, major construction and industrial enterprises, and social welfare institutions, including the main health care provider. During the Mandatory period, and for many years thereafter, the Histadrut was an important factor in economic development and in influencing economic policy.
During the s, the Histadrut was divested of many of its non-union activities, and its influence in the economy has greatly declined. The major unions associated with it still have much say in wage and employment issues. As it moves into the new century, the Israeli economy has proven to be prosperous, as it continuously introduces and applies economic innovation, and to be capable of dealing with economic fluctuations.
However, it faces some serious challenges. Some of these are the same as those faced by most industrial economies: how to reconcile innovation, the switch from traditional activities which are no longer competitive, to more sophisticated, skill-intensive products, with the dislocation of labor it involves, and the income inequality it intensifies. Like other small economies, Israel has to see how it fits into the new global economy, marked by the two major markets of the EU and the U.
Special issues relate to the relations of Israel with its Arab neighbors. First are the financial implications of continuous hostilities and military threats. Clearly, if peace can come to the region, resources can be transferred to more productive uses.
Other issues depend on the type of relations established: will there be the free movement of goods and workers between Israel and a Palestinian state? If the latter proves true, Israel will have to carefully maneuver between the two giants: the U.
There are a number of reasons why the US gives so much aid to Israel, including historic commitments dating back to US support for the creation of the Jewish state in Moreover, Israel is seen by the US as a crucial ally in the Middle East - with shared goals and a mutual commitment to democratic values.
It also states: "US assistance Ensuring Israel can defend itself against threats in the region has been cornerstone of US foreign policy for both Democratic and Republican presidents for decades. The Democrat party election platform expressed "ironclad support" for Israel, but some on the left of the party are now questioning the US aid commitment.
Image source, Getty Images. So what does Israel get and what is it used for? How much aid does the US give? How has Israel used US money? Israel's Iron Dome aerial defence system is activated to intercept rockets.
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