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By Adam Hanieh

This ebook analyzes the new improvement of Gulf capitalism via to the aftermath of the 2008 fiscal trouble. Situating the Gulf in the evolution of capitalism at a world scale, it offers a unique theoretical interpretation of this significant area of the center East political economy.

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The implications of this for the GCC region—specifically the shift in energy exports, the vital function of GCC financial surpluses, and the accelerating industrialization of the GCC—are examined from the perspective of the global economy and the rivalry between the major capitalist powers. Paralleling the methodological approach of Chapter 3, Chapter 5 examines the evolution of the GCC circuits of capital given this development of the most recent phase of internationalization. Each of the GCC circuits of capital is explored with a view to understanding how accumulation takes place, who controls it, and where it is located.

The United States had escaped any serious physical damage from the war and was thereby able to benefit from the reconstruction of Europe and Japan. Potential rivals had suffered enormous destruction and their grip on their colonial possessions was fast evaporating in a wave of anticolonial struggles across Asia, the Middle East, and Africa. By 1952, the United States held about 60 percent of industrial production of the advanced capitalist states, and over 73 percent of world equity market capitalization (Ikeda 1996, p.

And here too there was a shift. The new internationalized production regime was underpinned by a new energy regime—with oil and gas displacing the relatively energy-inefficient coal. Oil had become, in the words of Simon Bromley, a “strategic commodity” (Bromley 1991, p. 82). It had a greater energy density than any other rival energy source, and its relative ease of transport far exceeded that of coal, making it ideal for powering automobiles and airplanes. Oil was also considered “politically more reliable,” as coal miners had been the backbone of powerful strike-waves through the decades before the war (Painter 1984, p.

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