Oil Money: Middle East Petrodollars and the Transformation of US Empire, 1967-1988

The book explores how the US global empire was transformed by Middle East petrodollars during the 1970s and 1980s,from a supplier of cheap crude oil to a source of abundant petrodollars. It discusses how petrodollar ties augmented the power of the US and its Middle East allies but also fostered economic disruptions and state-sponsored violence. The book utilizes extensive declassified records from various administrations to explore the political economy of US power.

Format: Hardback
Length: 360 pages
Publication date: 15 July 2021
Publisher: Cornell University Press

In his book Oil Money, David M. Wight presents a fresh perspective on the evolution of Middle East-US relations during the 1970s and 1980s, focusing on the transformative impact of Middle East petrodollars on the US global empire. During these two decades, American, Arab, and Iranian elites reshaped the central role of the Middle East within the US power system, shifting it from a mere supplier of cheap crude oil to a rich source of petrodollars, the revenues generated from oil exports. In the 1970s, the United States and its allies, including the House of Pahlavi in Iran and the House of Saud in Saudi Arabia, harnessed petrodollars to launch a multitude of cooperative initiatives aimed at mutual economic and geopolitical gain. These petrodollar projects often encompassed ambitious development projects, arms sales, purchases of US Treasury securities, and funding for the mujahedin in Afghanistan. While petrodollar alliances often bolstered the power of the United States and its Middle East partners, Wight contends that they also contributed to economic disruptions and state-sponsored violence, leading many Americans, Arabs, and Iranians to oppose the interdependence between the Middle East and the US.

Wight's book employs a comprehensive analytical framework that integrates diplomatic, transnational, economic, and cultural analysis, drawing upon extensive declassified records from the Nixon, Ford, Carter, and Reagan administrations, the International Monetary Fund (IMF), the World Bank, the regime of Saddam Hussein, and private collections. Through this rich data, Wight elucidates the intricate political economy of US power, shedding light on the complex dynamics and contradictions that shaped Middle East-US relations and the broader geopolitics of globalization.

Oil Money is a comprehensive yet nuanced exploration of the multifaceted and complex effects of petrodollars on Middle East-US relations and the global geopolitical landscape. It offers valuable insights into the intricate interplay between economic power, political influence, and cultural dynamics, providing a deeper understanding of the complex dynamics that shaped the region during this pivotal period.

Weight: 618g
Dimension: 161 x 238 x 30 (mm)
ISBN-13: 9781501715723