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This paper explores issues in the Saudi Arabian economy, with an emphasis on its status as a rentier state. This term is defined, and Saudi Arabia's rent is described as oil. The paper then goes on to examine business culture in Saudi Arabi, which is heavily influenced by the politics and customs of the Middle East, and the ruling family's conservative Islamic background. Also touched upon are business practice and how they differ from those in the West. The paper also looks at the credit crisis and how it did not really impact Saudi Arabia seriously. The paper concludes by addressing Western dependency on oil and therefore Western tolerance of the Saudi theocratic and royalist political structure.
From the Paper:"Yet in regards to the current credit crisis, Saudi Arabia is likely to fare better than America or the European Union, at least in the short-term. When the credit crisis first hit, Saudi Arabia had strong financial reserves. It was still reaping the benefits of the sharp upswing in oil prices that had afflicted the rest of the world only a few years previously. But if the world economy continues to falter, oil prices will decrease, as less of a need for industry expansion means less of need for oil. Still, Saudi Arabia is in a better position than most nations..."
Sample of Sources Used:
- Dhillon, Navtej & Hassan Hakimian. "Global Economic Crisis: A Catalyst for Change in Saudi Arabia?" The Brookings Institute. February 25, 2009. March 21, 2009. http://www.brookings.edu/interviews/2009/0225_saudi_arabia_dhillon.aspx?rssid=global+financial+crisis
- Metz, Helen Chapin (Ed). Saudi Arabia: A Country Study. Washington: GPO for the Library of Congress, 1992. "Economic policy making," excerpted on the web March 22, 2009 at http://countrystudies.us/saudi-arabia/36.htm
- Yates, Douglas A. The rentier state in Africa. Trenton, NJ: African World Press, 1996. Chapter 1 excerpted on the web March 22, 2009 at http://students.washington.edu/hattar/yates.pdf
Cite this Analytical Essay:
Foreign Economic Policy of Saudi Arabia (2011, January 11) Retrieved January 28, 2022, from https://www.academon.com/analytical-essay/foreign-economic-policy-of-saudi-arabia-146681/
"Foreign Economic Policy of Saudi Arabia" 11 January 2011. Web. 28 January. 2022. <https://www.academon.com/analytical-essay/foreign-economic-policy-of-saudi-arabia-146681/>