Iraq's economy is dominated by the oil sector, which has traditionally provided about 95% of foreign exchange earnings. In the 1980s, financial problems caused by massive expenditures in the eight-year war with Iran and damage to oil export facilities by Iran led the government to implement austerity measures, borrow heavily, and later reschedule foreign debt payments; Iraq suffered economic losses of at least $80 billion from the war. After the end of hostilities, in 1988, oil exports gradually increased with the construction of new pipelines and restoration of damaged facilities.

Since mid-2009, oil export earnings have returned to levels seen before Operation Iraqi Freedom and government revenues have rebounded, along with global oil prices. In 2011 Baghdad probably will increase oil exports above the current level of 1,900,000 bbl (300,000 m³) per day as a result of new contracts with international oil companies, but is likely to fall short of the 2,400,000 barrels (380,000 m³) per day it is forecasting in its budget. Iraq's recent contracts with major oil companies have the potential to greatly expand oil revenues, but Iraq will need to upgrade its oil processing, pipeline, and export infrastructure to enable these deals to reach their potential.

Iraq (/ɪˈræk/ or ⁱ/ɪˈrɑːk/; Arabic: العراق‎ al-‘Irāq); officially the Republic of Iraq (Arabic:  جمهورية العراق (help·info) Jumhūriyyat al-‘Irāq), is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert.

Iraq borders Syria to the northwest, Turkey to the north, Iran to the east, Jordan to the southwest and Kuwait and Saudi Arabia to the south. Iraq has a narrow section of coastline measuring 58 km (36 mi) on the northern Persian Gulf. The capital city, Baghdad is in the center-east of the country.

Two major rivers, the Tigris and Euphrates, run through the center of Iraq, flowing from northwest to southeast. These provide Iraq with agriculturally capable land and contrast with the steppe and desert landscape that covers most of Western Asia.

Historically, Iraq was the center of the Abbasid Arabic Islamic Empire. Iraq has been known to the west by the Greek toponym 'Mesopotamia' (Land between the rivers) and has been home to continuous successive civilizations since the 6th millennium BC. The region between the Tigris and Euphrates rivers is often referred to as the cradle of civilization and the birthplace of writing, law and the wheel. At different periods in its history, Iraq was the center of the indigenous Akkadian, Sumerian, Assyrian, Babylonian, and Abbasid empires. It was also part of the Achaemenid, Hellenistic, Parthian, Sassanid, Roman, Rashidun, Umayyad, Mongol, Safavid, Afsharid, and Ottoman empires, and under British control as a League of Nations mandate.

Joseph Eugene Stiglitz, ForMemRS, FBA, (born February 9, 1943) is an American economist and a professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is also the former Senior Vice President and Chief Economist of the World Bank. He is known for his critical view of the management of globalization, free-market economists (whom he calls "free market fundamentalists") and some international institutions like the International Monetary Fund and the World Bank.

In 2000, Stiglitz founded the Initiative for Policy Dialogue (IPD), a think tank on international development based at Columbia University. Since 2001, he has been a member of the Columbia faculty, and has been a University Professor since 2003. He also chairs the University of Manchester's Brooks World Poverty Institute and is a member of the Pontifical Academy of Social Sciences. Stiglitz is an honorary doctor of Durham Business School, an honorary doctor at the Charles University, an honorary professor at Tsinghua University School of Public Policy and Management and a member of the Executive and Supervisory Committee (ESC) of CERGE-EI in Prague. Stiglitz is one of the most frequently cited economists in the world.

Ronald Ernest "Ron" Paul (born August 20, 1935) is an American politician who has been the U.S. Representative for Texas's 14th congressional district, which includes Galveston, since 1997, and a three-time candidate for President of the United States, as a Libertarian in 1988 and as a Republican in 2008 and currently 2012. He is an outspoken critic of American foreign and monetary policies, including the Military–industrial complex and the Federal Reserve, and is known for his libertarian-leaning views, often differing from his own party on certain issues.

A native of Pittsburgh, Pennsylvania, Paul is a graduate of Gettysburg College and Duke University School of Medicine, where he earned his medical degree. He served as a medical officer in the United States Air Force from 1963 until 1968. He worked as an obstetrician-gynecologist from the 1960s to the 1980s, delivering more than 4,000 babies. He became the first Representative in history to serve concurrently with a child in the Senate when his son Rand Paul was elected to the United States Senate for Kentucky in 2010.

Stephen Tyrone Colbert ( /koʊlˈbɛər/ or /ˈkoʊlbərt/; born May 13, 1964) is an American political satirist, writer, comedian, television host, and actor. He is the host of Comedy Central's The Colbert Report, a satirical news show in which Colbert portrays a caricatured version of conservative political pundits.

Colbert originally studied to be an actor, but became interested in improvisational theatre when he met famed Second City director Del Close while attending Northwestern University. He first performed professionally as an understudy for Steve Carell at Second City Chicago; among his troupe mates were comedians Paul Dinello and Amy Sedaris, with whom he developed the critically acclaimed sketch comedy series Exit 57.

Colbert also wrote and performed on the short-lived Dana Carvey Show before collaborating with Sedaris and Dinello again on the cult television series Strangers with Candy. He gained considerable attention for his role on the latter as closeted gay history teacher Chuck Noblet. It was his work as a correspondent on Comedy Central's news-parody series The Daily Show, however, that first introduced him to a wide audience.