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Middle East Oil and Economic Development Regional and Global Implications

Middle East Oil and Economic Development Regional and Global Implications Middle East Oil and Economic Development Regional and Global Implications ABBAS ALNASRAWI University of Vermont, Burlington, U. S.A. ABSTRACT The economic importance of the Middle East to Western powers pre-dates the discovery of oil. Western colonial powers have managed to integrate the economies of Middle Eastern nations into the international economic order. Economic dependency on the West increased following the discovery of oil. Increased oil revenues have, at the regional level, resulted in an income gap between nations of the region. At the international level, they resulted in increasing the imports of oil-producing nations, increased assistance to Third World nations, and large investments in markets of industrial nations. IN THE SECOND half of the twentieth century, socio-economic and political developments in the Middle East were shaped by five forces: the ac- celerated growth of oil output and the rise in oil revenue; the creation of Israel and the ensuing wars with the Arab states; the oil price revolution and the structural changes in the international oil industry which occurred in the 1970s; the accelerated pace of economic development; and the Iranian Revolu- tion of 1979. Each force reinforced one or more of the other forces causing ad- ditonal http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Asian and African Studies (in 2002 continued as African and Asian Studies) Brill

Middle East Oil and Economic Development Regional and Global Implications

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References (3)

Publisher
Brill
Copyright
© 1984 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0021-9096
eISSN
1568-5217
DOI
10.1163/156852184X00280
Publisher site
See Article on Publisher Site

Abstract

Middle East Oil and Economic Development Regional and Global Implications ABBAS ALNASRAWI University of Vermont, Burlington, U. S.A. ABSTRACT The economic importance of the Middle East to Western powers pre-dates the discovery of oil. Western colonial powers have managed to integrate the economies of Middle Eastern nations into the international economic order. Economic dependency on the West increased following the discovery of oil. Increased oil revenues have, at the regional level, resulted in an income gap between nations of the region. At the international level, they resulted in increasing the imports of oil-producing nations, increased assistance to Third World nations, and large investments in markets of industrial nations. IN THE SECOND half of the twentieth century, socio-economic and political developments in the Middle East were shaped by five forces: the ac- celerated growth of oil output and the rise in oil revenue; the creation of Israel and the ensuing wars with the Arab states; the oil price revolution and the structural changes in the international oil industry which occurred in the 1970s; the accelerated pace of economic development; and the Iranian Revolu- tion of 1979. Each force reinforced one or more of the other forces causing ad- ditonal

Journal

Journal of Asian and African Studies (in 2002 continued as African and Asian Studies) – Brill

Published: Jan 1, 1984

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