Abstract
This chapter examines the role of the global political economy, above all the changing relative power of global finance capital, in relation to the Middle East region. It details not only the profound impact of finance capital on the region, but also the pivotal role of Middle East oil on finance capital. It first shows the role of global finance capital, promoted by the UK and US hegemons in reducing MENA to a periphery of the global capitalist core; then how the brief rollback of finance capital's global dominance opened the door to enhanced regional autonomy, how the subsequent restoration of global finance capital was enabled by MENA oil and how this outcome in turn restored the developmental and geopolitical dependency of MENA on the global core.
| Original language | English |
|---|---|
| Title of host publication | Handbook of Middle East politics |
| Editors | Shahram Akbarzadeh |
| Place of Publication | Cheltenham |
| Publisher | Edward Elgar Publishing Ltd |
| Chapter | 22 |
| Pages | 351-367 |
| Number of pages | 17 |
| ISBN (Electronic) | 9781802205633 |
| ISBN (Print) | 9781802205626 |
| DOIs | |
| Publication status | Published - 13 Oct 2023 |
Publication series
| Name | Elgar handbooks in political science |
|---|
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 10 Reduced Inequalities
Keywords
- Middle East
- Globalisation
- Finance capital
- Hegemony
- Political economy
- Neo-liberalism
- MENA
- Oil
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