Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/172198
Authors: 
Bichler, Shimshon
Nitzan, Jonathan
Year of Publication: 
2017
Series/Report no.: 
Research Note
Abstract: 
This research note updates selected charts from three previous papers. The new data present a rather startling picture, suggesting that the Middle East – and the global political economy more generally – might face an important crossroads. Our assessment here rests on the analysis of capital as power, or CasP. Beginning in the late 1980s, we suggested that, since the late 1960s, the Middle East was greatly influenced by the capitalized power of a Weapondollar-Petrodollar Coalition – a loose coalition comprising the leading oil companies, the OPEC cartel, armament contractors, engineering firms and large financial institutions – whose differential accumulation benefitted from and in turn helped fuel and sustain Middle East ‘energy conflicts’. These conflicts, we argued, reverberated far beyond the region: they affected the ups and downs of global growth, the gyrations of inflation and, in some important respects, the very evolution of the capitalist mode of power. And this impact, it seems to us, is now being called into question.
Subjects: 
conflict
differential accumulation
energy
Middle East
URL of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Working Paper
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