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The Blessing and the Curse of Oil

In: Middle East Oil Exporters

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Abstract

Middle East Oil Exporters presents a detailed picture of the economic structure and a critical survey of the recent economic performance of the Middle East. The focus is especially on the large oil-exporting nations, although the smaller producers are represented as well. The author illustrates how oil has become a crutch to avoid reforms, destroying the work ethic of the region, fuelling corruption and poisoning the social and cultural fabric of society to keep unpopular governments in power. In addition, he provides a view of the social, economic, and political implications of Islamic doctrine. In this context he examines the institutions of governance and determines that they have performed poorly, often in blatant violation of Islamic principles. This in-depth analysis is accompanied by a comprehensive prescription for a turnaround in the Middle East.

Suggested Citation

  • ., 2006. "The Blessing and the Curse of Oil," Chapters, in: Middle East Oil Exporters, chapter 2, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:4232_2
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