Oil and the Political Economy in the Middle East: Post-2014 Adjustment Policies of the Arab Gulf and Beyond (in English)
Synopsis "Oil and the Political Economy in the Middle East: Post-2014 Adjustment Policies of the Arab Gulf and Beyond (in English)"
This is the first comprehensive analysis of the Middle Eastern political economy in response to the oil price decline in 2014. The introduction and conclusion also discuss the COVID-19-induced oil price crash of 2020. Based on a heuristic framework inspired by rentierism, the volume contains original studies on Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the UAE. The results show a diversity of country-specific pathways for adjustment policies. Among the most pertinent empirical findings are that migrant workers in the Arab Gulf are the main social losers, while citizens were capable of repelling burdensome adjustment. For Egypt, Jordan, and Lebanon, the expectation that they could benefit from the oil price decline has not been fulfilled. Conceptually, the collection highlights the importance of bringing state-class relations back into consideration, emphasises the role of institutions, and calls for a nuanced understanding of rentier state autonomy.
