Economy of the Gulf States

The six Arab monarchies of the Persian Gulf have a disproportionate importance in the global economic system due to their enormous reserves of oil and gas. Matthew Gray's book explores how rentierism, state ownership, and patron–client networks have created a successful strategy for regime maintenance, but also outlines economic problems such as low innovation and entrepreneurship. The need to diversify economies, expand the private sector, and build a more diverse taxation base has become increasingly urgent as global demand for hydrocarbons declines.

Format: Hardback
Length: 272 pages
Publication date: 21 December 2020
Publisher: Agenda Publishing

The six Arab monarchies of the Persian Gulf, namely Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the United Arab Emirates, hold a significant importance in the global economic system due to their vast reserves of oil and gas. Matthew Gray offers a concise yet comprehensive analysis of these six Gulf states and their modern political economy, particularly focusing on the postwar period, particularly the last 20 years. He examines the key factors that have shaped these nations' economies and enabled them to deviate from traditional development pathways.

The book delves into how the combination of rentierism, state ownership of key firms and assets, and the utilization of patron-client networks to distribute favors and opportunities has established an effective strategy for regime maintenance and durability. However, the book also highlights how cooptive bargains with society have given the Gulf states a distinct set of economic challenges, including low levels of innovation and entrepreneurship, reliance on foreign workers, and an inflated public sector. As the global demand for hydrocarbons is projected to decline, the need for the Gulf states to diversify their economies, expand the private sector, and establish a more diverse taxation base has become increasingly urgent.

The book emphasizes the significance of these challenges, which are accompanied by geographical factors, regional security concerns, rapidly growing populations, and sectarianism, and are likely to test the next generation of leaders in the Gulf region. By examining these dynamics, the book provides valuable insights into the complex economic, political, and social landscape of the Persian Gulf and its implications for the region and the world.

Weight: 464g
Dimension: 156 x 217 x 21 (mm)
ISBN-13: 9781788210003