Capitalism and Class in the Gulf Arab States

01 02 The six Arab states of the Gulf Cooperation Council (GCC) play an increasingly prominent role in the global economy and throughout the broader Middle East region. This book analyzes the recent development of Gulf capitalism through to the aftermath of the 2008 economic crisis. Situating the Gulf within the evolution of capitalism at a global scale, it presents a novel theoretical interpretation of this important region of the Middle East political economy. Accompanied by an extensive empirical analysis of all sectors of the GCC economy, the book argues that a new capitalist class, Khaleeji Capital, is forming in the Gulf - with profound implications for the Middle East as a whole. 04 02 Approaching Class Formation in the Gulf Arab States * The Political Economy of Post-War Capitalism and the Making of the Gulf * The Development of Capitalism in the Gulf Cooperation Council * Towards a Single Global Economy: 1991 to 2008 * The Formation of Khaleeji Capital * Khaleeji Capital and the Middle East * Future Trajectories * Appendix A: Khaleeji Capital Groups * Appendix B: Ownership of the Largest GCC Banks 13 02 Adam Hanieh is a Lecturer in Development Studies at the School of Oriental and African Studies (SOAS) at the University of London. 19 02 FILLS A GAP: This is the first critical analysis of the political economy of regional integration in the Gulf region. NEW APPROACH: It integrates a novel theoretical approach to globalization, space and capitalism with detailed and original empirical work on the Gulf. This research is unique and is a missing element in the academic literature. CHALLENGES CURRENT THOUGHT: The book presents a provocative challenge to the often impressionistic accounts of Dubai and other supposed 'Gulf miracles' to explore the real meaning of the region's transformation in recent years. KEY ARGUMENT: The book's argument is essential to understanding the contemporary political economy of the Middle East and other neighboring countries. As such, it will be of prime interest to scholars engaged in broader regional inquiry. Some key examples include: 02 02 The six Arab states of the Gulf Cooperation Council (GCC) play an increasingly prominent role in the global economy and throughout the broader Middle East region. This book analyzes the recent development of Gulf capitalism through to the aftermath of the 2008 economic crisis. Situating the Gulf within the evolution of capitalism at a global scale, it presents a novel theoretical inter