Oil and the Political Economy in the Middle East: Post-2014 Adjustment Policies of the Arab Gulf and Beyond
Oil and the Political Economy in the Middle East: Post-2014 Adjustment Policies of the Arab Gulf and Beyond
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Abstract
This book contains the first comprehensive analysis of the Middle Eastern political economy in response to the oil price decline in 2014. The introductory and concluding chapters also touch upon the oil price crash in the wake of the COVID-19 pandemic and discuss some of the relevant responses by Middle Eastern actors. Its findings connect oil market dynamics with an understanding of sociopolitical changes. Inspired by rentierism, the volume presents original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Results show a large diversity of country-specific policy adjustments. Among the most pertinent findings are that migrant workers in the Arab Gulf are the main social losers in the post-2014 period, while citizens were capable of repelling burdensome adjustment policies. For Egypt, Jordan, and Lebanon, the expectation that they could benefit from the oil price decline in 2014 has not been fulfilled. Three conceptual dimensions for the theoretical advancement of rentierism are highlighted: first, in the light of increasing exploitation and coercion, by bringing state–class relations back into the discussion; second, by paying closer attention to the role of institutions during periods of policy adjustment; third, by exploring the issue of rentier-state autonomy vis-à-vis society in a more nuanced way. Overall, this collection signifies that rentierism still prevails with regard to both empirical dynamics in the Middle East and academic discussions on its political economy.
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Front Matter
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1
Pressured by the decreased price of oil: Post-2014 adjustment policies in the Arab Gulf and beyond
Martin Beck andThomas Richter
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2
Upgrading towards neoclassical rentier governance: Bahrain’s post-2014 oil price decline adjustment
Sumaya AlJazeeri
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3
Stalled reform: The resilience of rentierism in Kuwait
Gertjan Hoetjes
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4
Oil price collapse and the political economy of the post-2014 economic adjustment in the Sultanate of Oman
Crystal A. Ennis andSaid Al-Saqri
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5
Qatar: Leadership transition, regional crisis, and the imperatives for reform
Matthew Gray
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6
The nexus between state-led economic reform programmes, security, and reputation damage in the Kingdom of Saudi Arabia
Robert Mason
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7
Federal benefits: How federalism encourages economic diversification in the United Arab Emirates
Karen E. Young
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8
Egypt’s twisted hydrocarbon dependency: A case of persistent semi-rentierism
Amr Adly
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9
Oil and turmoil: Jordan’s adjustment challenges amid local and regional change
Riad al Khouri andEmily Silcock
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10
Lower oil prices since 2014: Good news or bad news for the Lebanese economy?
Mohamad B. Karaki
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11
Oil and the political economy in the Middle East: Overcoming rentierism?
Martin Beck andThomas Richter
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End Matter
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