
Petrostates of the World, Unite!
CONFLICTED
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Petro States: Power and Transformation
This chapter explores the dynamics of petro states, focusing on their opportunistic behaviors in the oil market and historical parallels with nations like Iran and Saudi Arabia. It examines the development initiatives during the Shah's rule in Iran and King Faisal's reforms in Saudi Arabia, highlighting societal impacts and political resistance. The discussion further addresses the revolutionary shifts in the Middle East during the 1970s and the economic repercussions of the U.S. abandoning the Bretton Woods system, shaping the future of OPEC and oil nationalization.
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