Money Markets And Monarchies

An original and empirically grounded analysis of the Gulf monarchies and their role in shaping the political economy of the Middle East.

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.

In 2017, Saudi Arabia, Bahrain, the UAE and Egypt severed diplomatic ties with Qatar, launching an economic blockade by land, air and sea. The self-proclaimed 'Anti-Terror Quartet' offered maximalist demands: thirteen 'conditions' recalling Austria-Hungary's 1914 ultimatum to Serbia. They may even have intended military action. Well into its second year, the standoff in the Gulf has no realistic end in sight. With the Bahraini and Emirati criminalisation of expressing support for Qatar, and the Saudi labelling of detainees as 'traitors' for their alleged Qatari links, bitterness has been stoked between deeply interconnected peoples. The adviser to the Saudi crown prince advocating a moat to physically separate Qatar from the Arabian Peninsula illustrates the ongoing intensity--and irrationality--of the crisis. Most reporting and analysis of these developments has focused on questions of regional geopolitics, and framed the standoff in terms of its impact on (largely) Western interests. Lost in this thicket of commentary is consideration of how the Qatari leadership and population have responded to the blockade. As the 2022 FIFA World Cup draws closer, the ongoing Qatar crisis becomes increasingly important to understand. Ulrichsen offers an authoritative study of this international standoff, from both sides.

In 1943, Lebanon gained its formal political independence from France; only after two more decades did the country finally establish a national central bank. Inaugurated on April 1, 1964, the Banque du Liban (BDL) was billed by Lebanese authorities as the nation's primary symbol of economic sovereignty and as the last step towards full independence. In the local press, it was described as a means of projecting state power and enhancing national pride. Yet the history of its founding--stretching from its Ottoman origins in mid-nineteenth century up until the mid-twentieth--tells a different, more complex story. Banking on the State reveals how the financial foundations of Lebanon were shaped by the history of the standardization of economic practices and financial regimes within the decolonizing world. The system of central banking that emerged was the product of a complex interaction of war, economic policies, international financial regimes, post-colonial state-building, global currents of technocratic knowledge, and private business interests. It served rather than challenged the interests of an oligarchy of local bankers. As Hicham Safieddine shows, the set of arrangements that governed the central bank thus was dictated by dynamics of political power and financial profit more than market forces, national interest or economic sovereignty.

This open access book analyses Iberian expansion by using knowledge accumulated in recent years to test some of the most important theories regarding Europe’s economic development. Adopting a comparative perspective, it considers the impact of early globalization on Iberian and Western European institutions, social development and political economies. In spite of globalization’s minor importance from the commercial perspective before 1750, this book finds its impact decisive for institutional development, political economies, and processes of state-building in Iberia and Europe. The book engages current historiographies and revindicates the need to take the concept of composite monarchies as a point of departure in order to understand the period’s economic and social developments, analysing the institutions and societies resulting from contact with Iberian peoples in America and Asia. The outcome is a study that nuances and contests an excessively-negative yet prevalent image of the Iberian societies, explores the difficult relationship between empires and globalization and opens paths for comparisons to other imperial formations.

A detailed ethnographic and historical analysis of how traditional Tongan values continue to play key roles in the way that Tongans make their way in the modern world.

While the outcomes of the tumultuous uprisings that continue to transfix the Arab world remain uncertain, the root causes of rebellion persist. Drawing upon extensive empirical research, Lineages of Revolt tracks the major shifts in the region’s political economy over recent decades. In this illuminating and original work, Adam Hanieh explores the contours of neoliberal policies, dynamics of class and state formation, imperialism and the nature of regional accumulation, the significance of Palestine and the Gulf Arab states, and the ramifications of the global economic crisis. By mapping the complex and contested nature of capitalism in the Middle East, the book demonstrates that a full understanding of the uprisings needs to go beyond a simple focus on “dictators and democracy.”

"Until the 1960s, it was widely assumed that in Western Europe the 'New Monarchy' propelled kingdoms and principalities onto a modern nation-state trajectory. John I of Portugal (1358-1433), Charles VII (1403-1461) and Louis XI (1423-1483) of France, Henry VII and Henry VIII of England (1457-1509, 1509-1553), Isabella of Castile (1474-1504) and Ferdinand of Aragon (1479-1516) were, by improving royal administration, by bringing more continuity to communication with their estates and by introducing more regular taxation, all seen to have served that goal. In this view, princes were assigned to the role of developing and implementing the sinews of state as a sovereign entity characterized by the coherence of its territorial borders and its central administration and government. They shed medieval traditions of counsel and instead enforced relations of obedience toward the emerging 'state'."--Provided by publisher.