ABSTRACT

This conclusion presents some closing thoughts on key concepts discussed in the preceding chapters of this book. The book focuses on structural changes in the domestic, regional and international political economy. The economic success achieved through diversification and broadening integration in the global political economy through the expansion of financialization and investment. At the global level, the international relations of the Gulf have been characterized by interdependence, or arguably co-dependence, between itself and oil importers. Commodity-driven development continued economic progress and responsiveness to domestic and global changes have smoothed the way for measured modifications in the structural underpinnings of Gulf political economy. Behrendt identifies a fairly low commitment level among the Gulf Arab states to the Santiago Principles standardizing governance, transparency and accountability for sovereign wealth funds (SWFs). The financial power held by the Gulf Cooperation Council (GCC) states, given their hydrocarbon reserves, has been a geo-economic reality for years.