Economic Development in the Middle East 3rd Edition by Rodney Wilson ISBN 0367512815‎ 978-0367512811

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ISBN 10: 0367512815
ISBN 13: 978-0367512811
Author:Rodney Wilson

This new edition examines how development in the Middle East is being influenced by global economic change. This comparative textbook focuses on the region’s strengths, and highlights development success, especially in the Gulf, Turkey and Israel. The major structural changes in the economies of the Middle East are analysed and current employment challenges are discussed.

The impact of demographic changes is considered, notably the dramatic decline in birth rates which will have implications for future employment. The contribution of banks and capital markets to the region’s development is appraised, including that of Islamic financial institutions which play a prominent role in the Gulf Cooperation Council (GCC) countries but are on the margins of the financial systems elsewhere. Historically, development in the GCC was linked to oil and gas production and prices, a key issue being whether these are being decoupled as economies diversify and become more self-sustaining. The evidence on this from the GCC is encouraging, with transparent and accountable financial management and major improvements in economic governance despite the lack of democracy.

Examining the drivers of economic development in the Middle East in a regional and global context, this fully updated textbook is a key resource for students and academics interested in economic development and the political economy of the Middle East.

Economic Development in the Middle East 3rd Table of contents:

1. Introduction

Aim

The context

Approach

Perspectives on development

Geographical coverage

The period under review

Issues and themes

Regional versus country perspectives

Questions for review

2. Modelling Middle East economic development

Three theoretical explanations of underdevelopment

The stages of economic growth in the Middle East

The theory of dependency and the “flying geese” metaphor

Pre-conditions for self-sustaining development

Middle East markets as bazaar economies

Theories of the role of the state

Theorising on Middle Eastern development

Questions for review

3. Growth and structural change

The economic inheritance

Gross domestic and gross national product (GDP and GNP)

Nominal and real income

Growth projections

The wealth of nations

Investment in transport and infrastructure

The state of land and agriculture

Industrialisation and development

The contribution of services to economic activity

Economic structure and development

Leading sectors and unbalanced growth

Modernisation and structural transformation

Questions for review

4. Population growth and employment

The demographic transition

Education and human capital formation

Manpower planning and career choice

Labour surplus models

Unemployment and underemployment

Urbanisation and population distribution

Emigration and migration

The economic effects of international labour mobility

Social costs and benefits of migration for the host country

Questions for review

5. Capital markets, savings and investment

Financial intermediation and development

The spread of indigenous banks

Nationalisation of banking

Banking regulation

Financial penetration

Currency standards and exchange

International borrowing and government debt

Financial flows and the financing gap

Offshore banking

Stock market development and equity finance

Foreign investment flows

Questions for review

6. An Islamic model for economic development

The position of Islamic economists

The methodology of western and Islamic economics

Sources of Islamic economic philosophy

Islamic views on trade and commercial activity

Just rewards in an Islamic economy

Incentives and aspirations in Muslim society

The prohibition of riba

Charity versus lending

Islamic profit sharing

Islamic financing

Islamic banking development

Islamic taxation

Islamic insurance

An Islamic future!

Questions for review

7. Oil and development

The costs of oil extraction

Quality, price and demand

The politics of oil supply

OPEC control over supplies

OPEC as the price maker

OPEC as a cartel

Limit pricing with OPEC as the residual supplier

Optimal depletion and time preferences

Oil reserves and production

Oil pricing

Predicted and actual oil prices

Spot, future and options oil pricing

Oil products and refining

Downstream diversification into petrochemicals

Gas reserves and production

Oil and development

Questions for review

8. International and intra-regional trade

Trade and development

Commodity and merchandise trade

Trade deficit problems

The terms of trade

Export diversification

Euro-Arab trading relations

Europe and Arab-Israeli differences

Oil and petrochemical trade

Foreign receipts and payments for commercial services

Arab economic integration

The extent of regional trade

Conclusions

Questions for review

9. The role of the state

Governments and economic decision taking

Economic power and appropriation

The fiscal position

The military expenditure priority

The costs of conflict

Development planning

Economic liberalisation and structural adjustment

Nationalisation and privatisation

Development and democracy

Perceptions of corruption and the Arab Spring

Questions for review

10. Globalisation

Westernisation and globalisation

Measuring globalisation

Implications of globalisation for development in the Middle East

China and the Middle East

The changing role of Russia

Middle Eastern representation in international institutions

Nationalism versus globalisation in the Middle East

Questions for review

Bibliography

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Rodney Wilson,Economic Development,Middle East