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By Adam Hanieh

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The six Arab states of the Gulf Cooperation Council (GCC) play an more and more trendy function within the international economic system and in the course of the broader center East zone. This e-book analyzes the new improvement of Gulf capitalism via to the aftermath of the 2008 fiscal concern. Situating the Gulf in the evolution of capitalism at a world scale, it offers a unique theoretical interpretation of this significant zone of the center East political financial system. observed via an in depth empirical research of all sectors of the GCC economic climate, the e-book argues new capitalist classification, Khaleeji Capital, is forming within the Gulf - with profound implications for the center East as an entire.

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In the other nations of the world,” without which “the very existence of our own economy and our own democracy will be gravely threatened” (Jones J. 1955, p. 156; McCormick 1987, p. 77). The reality of these interests had been outlined earlier in a 1945 State Department memo, which called Saudi Arabia’s oil supplies “a stupendous source of strategic power, and one of the greatest material prizes in world history” (US Department of State 1945). The shift away from British toward US power was reflected in the breakdown of ownership of these “stupendous” supplies—between 1940 and 1967, British ownership of Middle Eastern oil reserves dropped from 72 percent to 30 percent while American control grew from 10 percent to 60 percent (Harvey 1999, p.

Indd 23 5/6/2011 5:51:00 PM 24 ● Capitalism and Class in the Gulf Arab States In short, each of the Gulf circuits of capital is increasingly articulated at a pan-GCC level, reflected in the patterns of cross-border investment flows, intra-GCC trade, joint ventures, the establishment of branches and representative offices, and so forth. As the circuits are elaborated and interlocked regionally, the leading Gulf capitalists come to conceptualize and view their accumulation through the “regional” lens.

This data, however, only partially captures the nature of internationalization in the GCC and the development of specific sectors. indd 27 5/6/2011 5:51:01 PM 28 ● Capitalism and Class in the Gulf Arab States empirical study is the micro-level analysis of firms and companies. In particular, much of the analysis focuses on the interpenetration of capitalist social relations as reflected through joint ownership structures and interlocking directorships at the company level. This micro-level analysis (involving an examination of over 500 GCC companies, financial institutions, and projects) captures the “fine” process of internationalization that is not revealed through typical macro aggregates.

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