By Tim Niblock
With Saudi Arabia being of titanic value either politically and economically within the heart East, this booklet presents a far wanted, extensive ranging survey of the improvement of the Saudi financial system from the Nineteen Sixties to the current day. Written via a hugely respected writer, the publication comprises an research of the way political and social elements have formed coverage, and the way the Saudi kingdom is dealing with the dynamics of a quickly altering monetary and political scenario.
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Extra info for The Political Economy of Saudi Arabia
Membership of the World Trade Organisation) or the requirements of a superpower. Rentier states are not necessarily left free to chart whatever economic path they choose. Second, the concept of the rentier state’s autonomy is questionable. g. Poulanzas 1974), does indeed lead to the conclusion that oil rentier states enjoy a substantial degree of autonomy. Regimes do not rely on the support of any identiﬁable class groupings to remain in power, and their policies are therefore not directly inﬂuenced by such groupings.
Evans used Zaïre under Mobutu (1965–97) as an example of a predatory state (1992: 149, 151; 1995: 43–5). g. ). During his period in power, Mobutu and those closest to him amassed vast personal fortunes from revenues generated from mineral exports. Over the last 25 years of his rule, Zaïre’s GDP per capita declined at an annual rate of 2 per cent a year and Zaïre fell towards the bottom of the world hierarchy of nations. The absence of a coherent bureaucratic apparatus was a result of personalism and a highly marketised administrative apparatus.
Young (cited in Evans 1995: 46) quoted Mobutu himself characterising the system: ‘Everything is for sale, everything is 12 Introduction bought in our country. And in this trafﬁc, holding any slice of public power constitutes a veritable exchange instrument, convertible into illicit acquisition of money or other goods’. Deﬁning this situation as one where the state lacks autonomy is slightly problematic, in so far as the ‘relative autonomy of the state’ has generally been taken to refer to the degree of independence which state actors have of class groupings in society.