Development and Inequality

From the forced sale of canal shares in 1875 to the British occupation of 1882 to the cotton monoculture that turned a food-exporting nation into a food importer — the endpoint of a chain that began with a handshake in 1854.

Egypt already had a working transit corridor before the canal opened. This post reconstructs what a rail-based developmental state could have produced — and why it was never allowed to exist.

How £6 million in construction debt became £100 million in sovereign liability, and how European bankers ensured that Egypt paid three times over for a canal it did not own.

How a friendship between a French diplomat and an overweight Egyptian prince produced the most consequential — and lopsided — infrastructure contract of the nineteenth century.