GEOG 122 Lecture Notes - Lecture 2: 1973 Oil Crisis, Emirates Stadium, Arms Industry
Document Summary
Capital flows from middle east to the west after 1973 oil shock. A) property b) financial institutions c) arms trade. Goals of the west to re coup lost economic power, secure. Diffusion of military power, with creation of regional powers, e. g. israel, iraq, Argentina and they are confident to take on major powers: e. g. argentina"s assault on the falkland islands, iraq"s invasion of the kuwait despite us protection. Diffusion of technology with state of the art weaponry reaching these regional powers. Arms become key elements during cold war period. Dominated by middle east shatter belts iraq was the principle buyer, leaving the oil rich country in debt. Iraq purchases followed by libya, syria and saudi arabia. Invasion of kuwait by iraq, to gain access to kuwaiti oil reserves. Persian gulf in recent arms purchases, 44% of entire developing world total led by. Armed vehicles sold by canadians worth billion.
