ABSTRACT
Since the 1990s, several Gulf states have sharply altered the governance of their markets by adopting institutions widely used in other countries, notably the United States and Western Europe. They have ended legal monopolies, established rules for competition and delegated powers to regulatory agencies. The spread of such institutions is a puzzle: why should GCC countries, despite their considerable wealth, adopt reforms that run counter to their traditional market and governmental institutions? Moreover, to what extent have GCC countries adopted similar reforms in the face of international pressures and opportunities?
