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Back to the Nineteenth Century for New Ideas

  • James H. Mittelman
  • Mustapha Kamal Pasha
Part of the International Political Economy Series book series (IPES)

Abstract

Saudi Arabia’s royal family is trying to spearhead an advanced industrial economy while inoculating against a social upheaval. Given the surge in the price of oil from about $3.50 a barrel in 1973 to a peak of $34 in 1981 and 1982, billions of petro-dollars were made available to plough back into development projects and private industry. The sum accumulated in one year alone (1981) — a $30 billion excess of income over expenditure — was truly colossal.

Keywords

Nineteenth Century Political Economy Capital Accumulation Social Force Human Labour 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes and References

  1. Information on Saudi Arabia is gleaned from recent National Trade Statistical Bank data. The analysis of Saudi economic troubles is based on a special report entitled ‘Saudi Arabia Sorts Itself Out’, in The Middle East, February 1995, pp. 19–22.Google Scholar
  2. A lucid explanation of why capitalism must expand may be found in Robert L. Heilbroner, The Nature and Logic of Capitalism (New York: W. W. Norton, 1985).Google Scholar
  3. See especially Chapter 2, ‘The Drive to Amass Capital’. Important background readings on the nexus between the state and the market are Charles Lindblom, Politics and Markets: The World’s Political Economic Systems (New York: Basic Books, 1977);Google Scholar
  4. Theda Skocpol, States and Social Revolutions: A Comparative Analysis of France, Russia, and China (New York: Cambridge University Press, 1979); andCrossRefGoogle Scholar
  5. Peter B. Evans, Dietrich Rueschemeyer and Theda Skocpol (eds), Bringing the State Back In (New York: Cambridge University Press, 1985).CrossRefGoogle Scholar
  6. Walter Wriston’s comment appears in ‘Wriston: A Summing Up’, New York Times, 21 June 1984.Google Scholar
  7. The parable about the interconnection between production and circulation is taken from Arghiri Emmanuel, Unequal Exchange: A Study of the Imperialism of Trade (New York: Monthly Review Press, 1972) p. 152.Google Scholar
  8. For the vignette about Zimbabwe, we are indebted to David Martin and Phyllis Johnson, The Struggle for Zimbabwe: The Chimurenga War (New York: Monthly Review Press, 1981) pp. 54–5.Google Scholar
  9. On land hunger, see also Terence Ranger, Peasant Consciousness and Guerrilla War in Zimbabwe (Berkeley: University of California Press, 1985).Google Scholar
  10. Marx’s comment on his own life is drawn from Martin Nicolaus’ Foreword to Karl Marx, Grundrisse: Foundations of the Critique of Political Economy trans. Martin Nicolaus (Harmondsworth: Penguin Books, 1973) p. 11.Google Scholar
  11. The illustration about the English manufacturer is provided by Marx, Capital, 3rd edn (New York: International Publishers, 1975), vol. 1, p. 766.Google Scholar
  12. On Marx’s mistaken notion about underdevelopment, see Capital, 3rd edn (London: George Allen & Unwin, n.d.), vol. 1, p. xvii, quoted and discussed by Geoffrey Kay, Development and Underdevelopment: A Marxist Analysis (New York: St Martin’s Press, 1975) p.11.CrossRefGoogle Scholar
  13. The literary works cited here are Henrik Ibsen, Arthur Miller’s Adaptation of An Enemy of the People (Harmondsworth: Penguin Books, 1980) andGoogle Scholar
  14. Chinua Achebe, Man of the People (Garden City, NY: Anchor Books, 1967).Google Scholar

Copyright information

© James H. Mittelman and Mustapha Kamal Pasha 1997

Authors and Affiliations

  • James H. Mittelman
    • 1
  • Mustapha Kamal Pasha
    • 1
  1. 1.School of International ServiceAmerican UniversityWashington, DCUSA

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