Oil and Rentier States: How Falling Oil Prices Will Affect the Middle East
Less than a decade after weathering massive geo-political upheavals from the Arab Springs, the Middle East is on the verge of yet another crisis; the plummeting price of crude oil. “Rentier states” in the Middle East, have for several decades, secured their status-quo by building an overwhelming portion of their economy dedicated to the sale of crude oil. While the rentier system has been successful in propping up Middle Eastern governments for decades, the downside to this system is the economic and political uncertainty created by the rapidly changing value in a single commodity.
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