The Economy of Iran
1979: Revolution and Nationalisation
After the Islamic Revolution, industries and banks were nationalised, and large religious foundations called bonyads took over confiscated assets.
The revolution reshaped ownership.
Nationalisation
Banks, insurers and heavy industry passed to the state.
Bonyads
Foundations controlling large business empires with limited public accountability.
War
The Iran-Iraq war from 1980 to 1988 devastated infrastructure and drained resources.
Legacy
State and quasi-state bodies still dominate large parts of the economy.
A foundation's empire
A bonyad controls factories, farms and real estate across many sectors.
Believing Iran is fully state-run
Private business exists, but state entities are dominant.
Key takeaways
- The revolution nationalised industry.
- Bonyads hold large assets.
- The war caused damage.
- The state remains dominant.
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