Khaleeji-Capital: Class-Formation and Regional Integration in the Middle-East Gulf

Historical Materialism 18 (2):35-76 (2010)
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The countries of the Gulf Cooperation Council are most typically understood from the perspective of their position as the world’s key oil- and gas-producing states. This essay explores the largely-overlooked processes of class-formation in the GCC, and argues that very profound tendencies of capital-internationalisation are occurring alongside Gulf regional integration. The circuits of capital are increasingly cast at the pan-Gulf scale, and a capitalist class – described as khaleeji-capital – is emerging around the accumulation-opportunities presented within the new regional space. The formation of khaleeji-capital represents the development of a class increasingly aligned with the interests of imperialism and has important ramifications for understanding the region’s political economy.



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