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Books > History > History of specific subjects > Economic history
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The Economy of the Gulf States (Paperback)
Loot Price: R913
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The Economy of the Gulf States (Paperback)
Series: World Economies
Expected to ship within 12 - 19 working days
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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. Matthew Gray 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 favours 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 diversify 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.
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