By Adam Hanieh
This e-book analyzes the hot improvement of Gulf capitalism via to the aftermath of the 2008 monetary trouble. Situating the Gulf in the evolution of capitalism at an international scale, it provides a singular theoretical interpretation of this crucial zone of the center East political economy.
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Additional info for Capitalism and Class in the Gulf Arab States
Once again, this was a US-led process, with the political commitment toward trade liberalization indicated by a US congress authorization to President Kennedy to cut US tariffs by 50 percent if other nations reciprocated. In addition to this growth in exports, large companies also began to internationalize production itself. Factories and other production facilities were located outside of their national markets, sourcing raw materials and labor from a variety of different geographical spaces and enabling companies to sell their goods to markets worldwide (a development reﬂected at the time in ubiquitous spread of the term “multinational corporation”).
A key feature of the postwar industry that distinguished US companies from their German competitors, however, was the use of petroleum and natural gas, rather than coal, as the feedstock used in the manufacture of synthetic commodities. This shift was made possible by technological developments in petroleum cracking that enabled the utilization of more reactive hydrocarbons and signiﬁcantly cheapened the cost of production. Indeed, the nomenclature “petrochemical industry,” which began to be commonly used in the late 1930s and early 1940s, signiﬁed the shift in feedstock facilitated by this new technology.
Another potential barrier is the difﬁculty faced by capitalists in mobilizing funds to engage in production. , R&D). The growth in ﬁxed capital costs means that it becomes difﬁcult for one capitalist ﬁrm, or even group of capitalists, to produce upfront the necessary ﬁnancial outlay for modern industrial plants and technologies. These barriers to the circulation of ﬁxed capital can be partially ameliorated via the credit system. Capitalists are able to resort to credit in order to raise the necessary funds for investing in ﬁxed capital.
Capitalism and Class in the Gulf Arab States by Adam Hanieh