The economy of the Gulf states / Matthew Gray.

Format:

Book

Author/Creator:

Gray, Matthew, 1970- author.

Contributor:

Charles H. Maxson Fund.

Series:

World economies

Language:

English

Subjects (All):

Persian Gulf Region--Economic conditions.

Persian Gulf Region.

Persian Gulf Region--Economic policy.

Persian Gulf Region--Politics and government.

Economic history.

Economic policy.

Politics and government.

Physical Description:

xvi, 254 pages : illustrations, maps ; 21 cm.

Place of Publication:

Newcastle upon Tyne : Agenda Publishing Limited, 2019.

Summary:

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.

Contents:

Preface

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

Political institutions

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

Gender issues

Youth and intergenerational dynamics

Societies, cultures and economic potential. 6 Making the Gulf economies: unique factors : "Richer than they are developed"?

Personalized economies

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

Further reading

References

Index.

Notes:

Includes bibliographical references (pages 227-246) and index.

Local Notes:

Acquired for the Penn Libraries with assistance from the Charles H. Maxson Fund.

ISBN:

1788210018

9781788210010

9781788210003

178821000X

OCLC:

1084806123

Publisher Number:

99981319433