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Middle East Oil and Economic Development Regional and Global Implications

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The economic importance of the Middle East to Western powers pre-dates the discovery of oil. Western colonial powers have managed to integrate the economies of Middle Eastern nations into the international economic order. Economic dependency on the West increased following the discovery of oil. Increased oil revenues have, at the regional level, resulted in an income gap between nations of the region. At the international level, they resulted in increasing the imports of oil-producing nations, increased assistance to Third World nations, and large investments in markets of industrial nations.

Affiliations: 1: University of Vermont, Bington, U.S.A.

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