Economic Growth in the Middle East, 1950–1972
Bibliographic Data
| ID | 8965834 |
|---|---|
| Authors | Robin Barlow (University of Michigan, corresponding author) |
| Year | 1982 |
| Volume | 14 |
| Issue | 2 |
| Pages | 129-157 |
| Publication date | 1982-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | International Journal Middle East Studies (JOURNAL) |
| Journal identifiers | ISSN: 0020-7438 • E-ISSN: 1471-6380 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0020743800000623 |
| OpenAlex | W2124498328 |
| Language | EN |
| Citations received | 3 |
| References cited | 4 |
The year 1973 was clearly a turning point in the recent economic history of the Middle East. On October 1 of that year, the price of Arabian Light, a representative type of Middle Eastern crude oil, stood at $3.01 per barrel. On October 16, following the outbreak of the Arab-Israeli war, the price rose to $5.12. By January 1, 1974, the price had reached $11.65, as OPEC further exploited its opportunities for cartel profits. In consequence, there was an international transfer of purchasing power—from oil importers to oil exporters—unprecedented in its scale and suddenness. The Middle East has been the major beneficiary of this transfer. Other Middle Eastern countries benefited indirectly, as the oil states expanded their demand both for imported commodities and for immigrant labor, and stepped up their programs of financial assistance to less favored parts of the region. So 1973 saw the start of an acceleration of Middle Eastern growth that was both rapic and widely diffused
Archaeology · Geography · Middle East · Middle East and Rwanda Conflicts · Natural Resources and Economic Development · Socioeconomic Development in MENA
| Unique citing works | 3 |
|---|---|
| Citations per year | 0,13 |
| Citation span | 2003 - 2024 (22) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |