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This book is an important political and economic history of the
unravelling of the British Empire and its connection to the decline
of sterling as a leading international currency. Analyzing events
such as the 1951 Iranian oil nationalization crisis and the 1956
Suez crisis, Steven Galpern provides a new perspective on British
imperialism in the Middle East by reframing British policy in the
context of the government's postwar efforts to maintain the
international prestige of the pound. He reveals the link that
British officials made between the Middle Eastern oil trade and the
strength of sterling and how this influenced government policy and
strained relationships with the Middle East, the United States, and
multinational oil firms. In so doing, this book draws revealing
parallels between the British experience and that of the United
States today and will be essential reading for scholars of the
British empire, Middle East studies and economic history.
This book, first published in 2009, is an important political and
economic history of the unravelling of the British Empire and its
connection to the decline of sterling as a leading international
currency. Analyzing events such as the 1951 Iranian oil
nationalization crisis and the 1956 Suez crisis, Steven Galpern
provides a new perspective on British imperialism in the Middle
East by reframing British policy in the context of the government's
postwar efforts to maintain the international prestige of the
pound. He reveals the link that British officials made between the
Middle Eastern oil trade and the strength of sterling and how this
influenced government policy and strained relationships with the
Middle East, the United States, and multinational oil firms. In so
doing, this book draws revealing parallels between the British
experience and that of the United States today and will be
essential reading for scholars of the British empire, Middle East
studies and economic history.
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