By Adam Hanieh
The six Arab states of the Gulf Cooperation Council (GCC) play an more and more favorite function within the worldwide economic climate and through the broader center East zone. This e-book analyzes the hot improvement of Gulf capitalism via to the aftermath of the 2008 financial obstacle. Situating the Gulf in the evolution of capitalism at an international scale, it provides a unique theoretical interpretation of this crucial area of the center East political economic climate. observed by way of an in depth empirical research of all sectors of the GCC economic system, the e-book argues new capitalist classification, Khaleeji Capital, is forming within the Gulf - with profound implications for the center East as a complete.
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Extra info for Capitalism and Class in the Gulf Arab States
As these circuits of capital intertwine across different spaces, the reproduction of capital within a specific geographical space becomes more closely tied to the reproduction of other capitals at the international scale. Internationalization and Khaleeji Capital The tendencies of internationalization and financialization are key concepts framing the argument in this book. In Chapter 2, the successive postwar deepening of both these tendencies at the global scale is outlined and used to situate the development of Gulf capitalism within the world market.
The obsolescence of machinery and technology) (Mandel 1983, p. 229). For this reason, the whole system becomes increasingly unstable and there is growing difficulty in ensuring the sale of an ever-increasing quantity of products in the market place. Credit plays a key role in overcoming these barriers to the realization of value by creating extra demand, either through an increase in individual consumer debt or through the state guarantee of profits by means such as military, infrastructure, and other government contracts.
Second, and very much related, was an extension in the geographical scale of production, with the rapid expansion in world trade and the international orientation of much productive activity becoming notable features of the first few decades of the postwar era. 3 A parallel and related development was the introduction and widespread use of inorganic fertilizers and pesticides in place of natural agricultural methods. These industries made possible rapid increases in productivity and output, as technology-rich manufacturing displaced human labor from the production of everyday commodities.