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By Adam Hanieh

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The six Arab states of the Gulf Cooperation Council (GCC) play an more and more admired function within the international economic system and through the broader heart East area. This e-book analyzes the new improvement of Gulf capitalism via to the aftermath of the 2008 financial trouble. Situating the Gulf in the evolution of capitalism at a world scale, it provides a singular theoretical interpretation of this crucial zone of the center East political financial system. observed through an intensive empirical research of all sectors of the GCC financial system, the publication argues new capitalist type, Khaleeji Capital, is forming within the Gulf - with profound implications for the center East as a complete.

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Additional info for Capitalism and Class in the Gulf Arab States

Sample text

The first section (Chapters 2 and 3) maps the initial process of class formation in the Gulf. Framed around the concepts of internationalization and financialization, Chapter 2 explores the political economy of postwar global capitalism from the end of World War Two until the early 1990s, with a view to understanding how the tendencies underlying the development of the global economy were reflected in the nature of class formation in the GCC. It concretely traces the successive deepening of capital’s internationalization through this period, focusing in particular on the continuous expansion of accumulation, the intermeshing of production and consumption across the globe, and the growing significance of finance.

Each of the GCC circuits of capital is explored with a view to understanding how accumulation takes place, who controls it, and where it is located. The focus is on understanding the pan-GCC nature of accumulation rather than attempting to present a comprehensive account of the political economy of each individual GCC state. Chapter 5 confirms the development of Khaleeji Capital within the GCC—an emerging capitalist class closely imbricated with the pronounced internationalization trends of each of the Gulf circuits.

By 1973, the leading economies had decided to end the adjustable-peg exchange-rate system and replace it by a system of floating exchange rates (formalized in 1976 when the IMF’s Articles of Agreements were amended to legalize the new system). indd 41 5/5/2011 3:04:07 PM 42 ● Capitalism and Class in the Gulf Arab States dramatically. Moreover, the removal of the convertibility constraint increased the capacities of central banks to fuel growth in liquidity, thus further stimulating financialization.

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