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The Wages of Oil
The contrast between Kuwait and the UAE today illustrates the vastly different possible futures facing the smaller states of the Gulf. Dubai's rulers dream of creating a truly global business center, a megalopolis of many millions attracting immigrants in great waves from near and far. Kuwait, meanwhile, has the most spirited and influential parliament in any of the oil-rich Gulf monarchies.
InThe Wages of Oil, Michael Herb provides a robust framework for thinking about the future of the Gulf monarchies. The Gulf has seen enormous changes in recent years, and more are to come. Herb explains the nature of the changes we are likely to see in the future. He starts by asking why Kuwait is far ahead of all other Gulf monarchies in terms of political liberalization, but behind all of them in its efforts to diversify its economy away from oil. He compares Kuwait with the United Arab Emirates, which lacks Kuwait's parliament but has moved ambitiously to diversify.
This data-rich book reflects the importance of both politics and economic development issues for decision-makers in the Gulf. Herb develops a political economy of the Gulf that ties together a variety of issues usually treated separately: Kuwait's National Assembly, Dubai's real estate boom, the paucity of citizen labor in the private sector, class divisions among citizens, the caste divide between citizens and noncitizens, and the politics of land.
eBook
Kuwait in the time of British Empire : time of treaty 1899-1961, time of oil 1913-1976
\"The prospect of a rail network from Berlin to the Gulf's shores built and operated by the Germans became a source of anxiety and political expediency for the British government. It intimidated them into signing a secret treaty in 1899 with the Sheik of Kuwait that lasted until 1961. The handwritten Treaty served both sides well; Kuwait survived as an entity and gave the British an edge in their protracted negotiations with the Germans, ultimately led to demise of one of most ambitious European projects, the Berlin-Bagdad Rail. The book covers two parallel and interrelated narratives: Kuwait's political and social history during the years of British quasi-protectorate and the story of Kuwait's oil from the first visit of the British oil specialties in 1913 to the early nationalization in 1976. The promise of immense wealth, once oil was struck, catalyzed the rivalry between the social and economic elements of the country and perhaps contributed to the breakout of the 1938-1939 disturbances. Britain's exclusive rights to Kuwait's oil fields bred a sense of complacency in their drive to secure an all-British oil concession ultimately was shared with the Americans after protracted political wrangling that involved Washington and London laced with its share of intrigue. The discovery of oil transformed the country in a single decade from rags to riches, but in the absence of financial discipline, the 1950s was infused with its share of corruption. In 1953, the Sheik accepted the British suggestion to form the first-ever global sovereign wealth to manage the growing surplus. The significance of Kuwait's sterling investment was described by the Prime Minister, Harold Macmillan, as \"the key to the economic life of Britain and of Europe\"\"--Page [4] of cover.
Book
Oil and Governance
National Oil Companies (NOCs) play an important role in the world economy. They produce most of the world's oil and bankroll governments across the globe. Although NOCs superficially resemble private-sector companies, they often behave in very different ways. Oil and Governance explains the variation in performance and strategy for NOCs and provides fresh insights into the future of the oil industry as well as the politics of the oil-rich countries where NOCs dominate. It comprises fifteen case studies, each following a common research design, of NOCs based in the Middle East, Africa, Asia, Latin America and Europe. The book also includes cross-cutting pieces on the industrial structure of the oil industry and the politics and administration of NOCs. This book is the largest and most systematic analysis of NOCs to date and is suitable for audiences from industry and academia, as well as policy makers.
eBook