Middle East Capitalism

 

The Middle East economy is a unique one and it defies many economic models and prediction. In particular, the economy is not responsive to ideal forces of economic growth such as availability of recourses and GDP. Consequently, the problem requires a concrete understanding of other related disciplines. Presence of large oil deposits and political influence has hindered Middle East economies from flourishing. In particular, these economies are dominated by extractive industry and lack innovations. These ideas are captured by several authors and in different resources. In this particular, I will summarize page 15 of _ and connect it to other related resources.

While I analyzed the topic “middle east economic trends,” I have decided to dig deeper into the idea by exploring additional resources. In my quest for deeper understanding on the topic, I found the following book helpful; The Oil Curse: How Petroleum Wealth Shapes the Development of Nations by Michael L. Ross. The book deals with economic problems associated with oil- based economy. Ideally, the book explains why Middle East countries are far from achieving economic breakthroughs despite having massive oil deposits. Furthermore, I found The Modern Middle East: A Political History since the First World War By Mehran Kamrava. The book analyzes the political mystery that has hindered economic recovery of Middle East countries.

The three books tackle an interesting topic that spans across various academic disciplines. The economy of the Middle East defies most economic predictions and theories. This is because most countries in the region still lag behind despite having massive oil wealth. The cure for the Middle East economy is a complex issue that requires multidisciplinary intervention (Kamrava 67). The three resources handle the issue from multiple perspectives and therefore giving a concise response. “The next problem concerns the snail-like shift in the structure of the economics of most middle eastern nations.” Economic shift is an essential aspect of economic sustainability. Indeed, economic shifts enable an economy to fit into immediate markets and demands. In particular, economic shifts enable an economy to avoid economic lapses (Ross 56). In the current situation, the Middle East economy is over dependent on oil export leaving the country vulnerable to exploitation by other well-off economies. In addition the countries have not developed their manufacturing capacity thereby they have remained dependent on the developed world for the manufactured goods including machineries (Ross 56). This has exposed the oil wealth to hungry economies from Europe and America. This can be attributed to conflicts that are currently targeted on western countries. Nonetheless, these conflicts affect only the Middle East economies. Countries such as Yemen and Saudi Arabia are excellent examples for this analysis. Materials covered in this analysis approach the topic from various perspectives. Some authors views the Middle East problem as a purely economic one while others treat the problem as a political one. Nonetheless, the Middle East problem is far from over and it requires a multidimensional approach.

In conclusion, the Middle East economy can be analyzed from various approaches. The usual economic approach does not give the issue the required weight. Readings covered in this chapter reveals the depth of the problem and the need to review the problem from an optimistic approach.

Works Cited

Kamrava, Mehran. The Modern Middle East: A Political History since the First World War. California: University of California Press, 2011. Print.

Ross, Michael. The Oil Curse: How Petroleum Wealth Shapes the Development of Nations. London: Princeton University Press, 2012. Print.