This landmark collection of essays addresses the question: Given peace in the Middle East, then what? Focusing on the countries most immediately affected by the Arab-Israeli conflict, economists representing Egypt, Israel, Jordan, Lebanon, and the Occupied Territories offer differing perspectives on potential opportunities and difficulties and on the actions that would be required to redirect, rejuvenate, and sustain the economies of the region. The book opens with case studies of Egypt, Syria, Lebanon, Israel, Jordan, and the West Bank and Gaza Strip. It then examines overall regional issues such as the economic consequences of peace and the economic reforms needed to maximize peace dividends. Essays in the last part focus on the transition to peace and the future economic development of the Palestinian, Israeli, Jordanian, and other regional economies. Topics addressed include the relation of defense spending to the economy, the implications of a peace for trade across borders, the benefits of economic cooperation between Israelis and Palestinians, and the role of foreign aid in economic reconstruction in the Middle East.