Nick Fountain

sanctions of the 90s.

During this opening up period, Iran worked to lower the tariff rates it charged to be more in keeping with the norms of global trade.

It reopened the stock exchange in Tehran.

And it started to change policies to actively attract foreign investment.

And all of that happened while there were U.S.

sanctions.

During the 90s, the U.S.

imposed sanctions on Iran for state sponsorship of terrorism, and also because Iran was pursuing nuclear capabilities.

But Iran was able to find enough economic partners that weren't the U.S.

Those sanctions were kind of weak sauce.

The country hadn't opened up much politically.

Women still had to wear hijabs.

Homosexuality was still a crime.

The state was executing increasing numbers of people.

Huge anti-government protests were violently quashed.

But economically, Iran was surprisingly vibrant.

But Yar had landed at an interesting time.

Because while things on the surface were looking relatively good, there was an undercurrent of anxiety.

This period of economic growth was already on its way out.

And this brings us to our third of three moments in Iran's economic history.