The economy of the Gulf states / Matthew Gray.
- Newcastle upon Tyne : Agenda Publishing Limited, 2019. , ©2019
- World economies
xvi, 254 pages : illustrations, maps ; 21 cm.
- Economic history.
Politics and government.
Persian Gulf Region -- Economic conditions.
Persian Gulf Region -- Economic policy.
Persian Gulf Region -- Politics and government.
Middle East -- Persian Gulf Region.
- The six Arab monarchies of the Persian Gulf - Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates - have a disproportionate importance in the global economic system because of their enormous reserves of oil and gas. The author provides a brief yet comprehensive profile of these six Gulf states and their modern political economy. Focusing on the postwar period, particularly the last 20 years, he examines the key factors that have shaped these nations' economies and enabled them to bypass typical development pathways. The book explores how the combination of rentierism, state ownership of key firms and assets, and the use of patron-client networks to distribute favors and opportunities, has created a very effective strategy for regime maintenance and durability. However, the book also outlines how cooptive bargains with society have given the Gulf states a unique set of economic problems, including low levels of innovation and entrepreneurship, reliance on foreign workers and an inflated public sector. with the global demand for hydrocarbons set to decline, the need for the Gulf states to diversity their economies, expand the private sector, and build a more diverse taxation base has become ever more pressing. The book explains the importance of these challenges, which, along with those of geography, regional security, rapidly growing populations, and sectarianism are likely to test the Gulf's new generation of leaders.
Note on transliteration and terminology
List of tables and figures
Maps. 1 Introducing the Gulf economies : The scope and the focus
The place, the people, the cultures
The Gulf economies in the world economy. 2 The Gulf economic story : The historical evolution of the region
The origins of the contemporary Gulf states
The coming of the oil age, 1945-72
Oil booms and busts, 1973-89
From the Gulf War to the Iraq War, 1990-2003
The third oil boom, 2004-14
Paths taken and not taken. 3 Measuring the Gulf economies : An overview of the six GCC economies
Basic sectoral structures
Macroeconomic settings and conditions
Migration and the Gulf's labour markets
The international dimension. 4 The form of the Gulf political economies : States and regimes
State capitalism, national oil companies and other state-owned firms
Merchants, businesspeople and multinational firms
Rentierism and socioeconomic forces in the Gulf
External dynamics in Gulf political economies. 5 Human factors in the Gulf economies : Wealthy societies?
The Gulf's unique demography
The dual labour market
Education, training and human capital
Youth and intergenerational dynamics
Societies, cultures and economic potential. 6 Making the Gulf economies: unique factors : "Richer than they are developed"?
Economic geography and the environment
Economic change and political stasis
Lingering reform imperatives
Lingering regional constraints. Conclusion: prospects for the Gulf economies : Continuing and emerging energy issues
Opportunities and risks in the global arena
A unique region at a unique moment. Notes
- Includes bibliographical references (pages 227-246) and index.
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