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Political Economy Lecture.docx

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Political Science
POLI 341
Storrs Mc Call

Political Economy. Lecture. What is the central question? Oil is a factor in MENA states’ international relations? Between each other or within factions within? Is it aggrandized? What role might the Gulf states play in the emerging Middle East? How can we best understand the Gulf Cooperation Council? Is it a security alliance? What is the quick summary? The economic trajectory of rapid economic growth followed by slowdown was triggered by the different models used by states. The Welfare state model was a useful vessel to obtain legitimacy within and without yet it was doomed to fail. What is the evidence?  There was strong economic growth for a lot of these states in 1950s-1970s o 1980s, it slowed down. Why?  80s, had the Iran-Iraq war…Iraq-Kuwait war…..a lot of regional conflict….OPEC oil crisis….Economic disparity (Egypt a good example)….deficient political system…long term rentier states  50s-70...”Welfare state” Model……State had a strong hand in the economy (Interventionist and redistributive)  Import Substitution Industrialization (ISI) o Egypt tried to nationalize a lot of their own industry (reduce dependence on foreign imports)  one of their goals was to not become dependent on either Cold War powers….build up own industry = states generate a lot of the wealth and they redistribute this  What this does is generate legitimacy and bridge the disjuncture between state and society  Centralized power..not like the decentralized bottom up economy  It is not a social contract but a complete dependence on the state…less of an incentive to exercise political voice  Your livelihood is tied to this model…decrease in political participation, lower in civil liberties…less incentive to challenge the status quo  Economic Slowdown  Sliding petroleum prices o New oil sources, global economic downturn….overproduction by OPEC members  OPEC has a cap to keep oil at certain levels  But certain states would overproduce (cheat) for their own
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