Oil and development in the Middle East
Book
·
OSTI ID:6272243
In the new era of high-priced oil, Saudi Arabia is moving into the twenty-first century while still mired in traditionalism. All the Middle Eastern countries are experiencing the stresses that accompany imbalanced social change. Thinly populated oil states have abundant capital, while the larger, more densely populated countries, relying on traditional agriculture and trade for income, face chronic capital shortages and foreign payments deficits. Manufacturing, aside from petroleum-related activities, is underdeveloped, and economic structures remain lopsided. Aside from Israel, modern skills are scarce relative to the population, but they are most conspicuously lacking in the capital-rich oil states. Since the oil price revolution, the process of redressing the region's imbalances has accelerated. Capital is flowing from the oil states to the poorer states, while the flow of labor from the poorer states to the oil states has increased. The specific chapters were: (1) factor proportions - human, agricultural, petroleum; (2) change and continuity in the Middle East - the traditional market, Arab socialism; (3) designs for progress - land reform, economic planning; (4) finance - military spending, international assistance; (5) the Middle Eastern Oil Trade - major firms in the Middle East, market structure, reserves, the oil weapon; (6) OPEC and the price of oil; (7) structural change - industrial structure, education, human resources, entrepreneurship, urbanization. (DP)
- OSTI ID:
- 6272243
- Country of Publication:
- United States
- Language:
- English
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