The Gulf Cooperation Council (GCC) countries and the triangle of autocracy, oil and foreign powers

2011 ◽  
Vol 4 (1) ◽  
pp. 19-29 ◽  
Author(s):  
Yousef Khalifa Al-Yousef
Keyword(s):  
Regional Integration ◽  
The United States ◽  
Arabic Language ◽  
Gulf Cooperation Council ◽  
Executive Summary ◽  
Oil Boom ◽  
Gcc Countries ◽  
Foreign Governments ◽  
Oil Wealth

This article is based on an executive summary of a forthcoming Arabic-language book to be published by the Centre for Arab Unity Studies. It examines the reasons underlying the failure of the Gulf Cooperation Council (GCC) countries to achieve stability and realize their developmental goals, despite their concerted endeavours to do so since the oil boom of the 1970s. This failure is attributable to the fact that these countries have fallen prey to a vicious cycle of autocratic governments, using the oil wealth of their people to stay in power, and which are being supported and maintained by foreign governments – especially the United States and its allies – in return for a share of the oil booty and other concessions. Accordingly, and on the basis of the experiences of these countries over four decades, any change in current conditions is not foreseeable unless the unholy alliance of autocracy, oil, and foreign powers is dismantled and replaced by a system that is more conducive to both prosperity and stability; where autocracy is replaced by a democratic form of government; where the role of oil is transformed into what will engender productive citizens; and where regional integration and co-existence with neighbours replaces foreign presence and the ‘protection’ or destruction that comes in tandem with it.

scholarly journals The Role of Political Risk and Financial Development Factors on Sukuk Market Development of Gulf Cooperation Council (GCC) Countries

2018 ◽  
Vol 10 (1) ◽  
pp. 242
Author(s):  
Arafat Mansoor Al-raeai ◽  
Zairy Zainol ◽  
Ahmad Khilmy Abdul Rahim
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Management ◽  
Political Risk ◽  
Gulf Cooperation Council ◽  
Market Development ◽  
Model Framework ◽  
Alternative Source ◽  
Gcc Countries

The literature related to the financial management acknowledges the significant role that political risk play to determine the financial market development. Further, financial system development (banking and financial markets) competes to provide long-term financing, and this competition might be positive or negative for each other. The aim of this paper is to propose a conceptual model/framework for investigating the role of political risk and financial market on Sukuk market development in Gulf Cooperation Council (GCC). GCC economies depend heavily on oil revenues which makes them subject to oil prices fluctuations. Therefore, GCC’s governments should diversify their economies by looking for Sukuk as an alternative source of financing, to cover their budget deficit, when the price of oil decreases, and reduce their reliance on oil, because Sukuk has advantages compared to the conventional bond particularly in terms of less information asymmetry. The prior studies have mostly focused on firms' characteristics determinants of Sukuk issuances but gave a little consideration to the role of country' characteristics on Sukuk market development. This paper proposes a framework to explain the political risk and financial markets determinants of Sukuk market development with a focus on the GCC countries that have the largest region in terms of the Islamic financial assets. It is anticipated that the outcome will support policymakers to improve the current state of Sukuk market.

Next-generation Gulf monarchs will set new rules

2020 ◽  
Keyword(s):  
Large Scale ◽  
Energy Transition ◽  
Gulf Cooperation Council ◽  
Current Line ◽  
Economic Diversification ◽  
The West ◽  
Content Type ◽  
Gcc Countries ◽  
Social Liberalism

Significance This brings in different perspectives on issues such as economic diversification, social liberalism, Israel and the role of the Gulf Cooperation Council (GCC). Impacts Longstanding fears of family splits over the succession could persist in Kuwait and potentially Saudi Arabia. The GCC will become even less significant, lacking any economic, infrastructural or security role. Large-scale ‘giga-projects’ raise concerns that vanity is outweighing viability. The prospect of receding support from GCC countries could undermine entrenched elites in both the West Bank and Beirut. The upcoming ‘energy transition’ will face the current line-up of rulers with a unprecedented economic crisis in the coming years.

scholarly journals What is Foreign Relations Law?

2019 ◽  
pp. 2-20
Author(s):  
Curtis A. Bradley
Keyword(s):  
United States ◽  
Foreign Relations ◽  
The United States ◽  
Foreign Affairs ◽  
Military Force ◽  
Political Actors ◽  
Foreign Governments ◽  
Domestic Law ◽  
Distinct Field

This chapter considers what is potentially encompassed by the term “foreign relations law,” and what it means to think about it as a distinct field of law that can be compared and contrasted across national jurisdictions. The term “foreign relations law” encompasses the domestic law of each nation that governs how that nation interacts with the rest of the world. Many issues of foreign relations law concern allocations of authority between political actors, such as the authority to represent the nation in diplomacy, to conclude and terminate international agreements, to recognize foreign governments and their territories, and to initiate or end the use of military force. But foreign relations law also encompasses issues relating to the role of the courts in transnational cases, such as whether certain issues are “nonjusticiable” and thus subject entirely to political branch determination, whether courts should take into account considerations of international comity when interpreting and applying domestic law, and whether and to what extent courts can apply international law directly to decide a particular case. The chapter describes the historical development of foreign relations law as a field of study within the United States and considers why it has not been treated as a field in many other countries. The chapter concludes by highlighting a central question for foreign relations law, which is the extent to which it should be treated differently than other types of domestic law—referred to in the United States as a debate over “foreign affairs exceptionalism.”

scholarly journals Crisis of Regional Leadership and Stagnation of Mega-projects in Asia-Pacific: Consequences for Russia

2019 ◽  
Vol 12 (1) ◽  
pp. 6-25
Author(s):  
A. N. Fedorovsky
Keyword(s):  
Regional Integration ◽  
The United States ◽  
Asia Pacific ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
Regional Economic ◽  
Long Run ◽  
The Usa ◽  
The Republic

Analyses of modern trade and economic relations in Asia-Pacific region. Research of the roles of the United States of America and China under the conditions of protectionism initiated by the D. Tramp’s administration and stagnation of mega-projects. Crisis of leadership and role of USA and China in regional mega-project (APEC, TPP, RCPEC). Ability of the USA and the PRC to create regional economic priorities, as well as to determine the course of integration processes. Analysis of the main obstacles of realization of American and Chinese leadership potential. Regional integration project initiated by Japan, India and the Republic of Korea and prospects for Indo-Pacific Asia. China-USA competition and main trends of regional integration. Comparative study of opportunitiesand prospects for bilateral and mega-regional economic projects. As an example, observation of South Korean initiative “New Economic Map” is presented and analyzed. Role of “New Economic Forum” initiated by Bloomberg with support of global big business is examined also. Initiative of Indo-Pacific region, Japan-India economic cooperation are examined, as well as Washington policy to counterweight China foreign economic and political expansion. Analyzing of prospects and consequences of competition between USA and the PRC in Pacific regions. Main issues, opportunities and challenges of Russia’s economic expansion in Asia-Pacific region. Close interconnection between policy, security and economiccooperation in the region: influence on Russia’s Pacific priorities and diplomacy. Characteristics of some problems of Russian “East Policy” during last several years. Some arguments are presented in favor of Russia’s strategy of “policy of focused partnerships”. This kind of policy means prevail of business activity in some special projects as well as in some geographic areas. It is also stressed that it is in Russia’s long-run interests to use of all kind of diplomatic measures in order to minimize any attempts to oppose India to China. But try its best to support cooperation between Russia, China and India in Pacific, as well as in Indo-Pacific region. 

scholarly journals Uniformity: The Role of States (U.S. and Foreign) in Environmental Protection Post-Intertanko and Erika

2001 ◽  
Vol 2001 (1) ◽  
pp. 149-154
Author(s):  
Laurie Crick Sahatjian
Keyword(s):  
United States ◽  
Supreme Court ◽  
The United States ◽  
Washington State ◽  
International Standards ◽  
International Regulation ◽  
State Regulations ◽  
Foreign Governments ◽  
The Impact

ABSTRACT On March 2, 2000, the U.S. Supreme Court unanimously rejected certain Washington State regulations of oil tankers, clarified the federal interest in regulating interstate navigation, and remanded to lower courts certain other state regulations for a determination of their validity in light of the “considerable federal interest at stake.” On December 12, 1999, the oil tanker Erika broke up and caused over 10,000 tons of oil to wash up on France's coast. The ultimate impact of this incident, and the extent of the reaction of the European Community (EU), remains to be seen. These two events epitomize the ongoing international struggle between the benefits of uniformity and the political imperatives brought on by maritime casualties. This paper will discuss the impact of both. The Intertanko decision clarified that the United States is to speak with one voice on matters of foreign affairs and foreign policy, including international maritime affairs. The international implications of the case were of such great importance that fourteen foreign governments, including the United Kingdom, Norway, Greece, and Japan, filed an amicus brief urging the Supreme Court to overturn Washington State regulations on the grounds that the regulations at issue were incompatible with the principles of uniformity and reciprocity that have long been agreed by the United States and other maritime nations as key to adopting, implementing, and enforcing effective international standards and regulations for ships, including shipboard measures for protecting the marine environment. This paper will first discuss the impact of the Intertanko decision on the role of individual states. It will then address the participation of foreign governments in the legal system of the United States to further international goals, including issues considered significant enough to compel fourteen governments to participate as amici in the Supreme Court's consideration of the case. It will also address the continuing threat to uniformity resulting from notorious spills, including the Erika disaster and the EU reaction thereto. Finally, the paper will suggest steps that must be taken at the International Maritime Organization (IMO) and other international bodies to ensure continuing preservation of uniform international regulation of shipping.

Design, qualification and Shariah governance of stock screening methodologies in selected Gulf Cooperation Council (GCC) countries in comparison with the United States

2018 ◽  
Vol 10 (2) ◽  
pp. 189-209
Author(s):  
Umayal Kasi ◽  
Junaina Muhammad
Keyword(s):  
United States ◽  
The United States ◽  
Gulf Cooperation Council ◽  
Content Type ◽  
Secondary Sources ◽  
Muslim Countries ◽  
Gcc Countries ◽  
Design Qualification ◽  
The Usa ◽  
Shariah Governance

Purpose This paper aims to compare and analyse the aspects of Shariah screening methodologies within the selected Gulf Cooperation Council (GCC) countries as well as comparing the methodologies with the USA, and to examine how Shariah screening methodologies affect financing and investing activities of a firm. Design/methodology/approach Shariah screening methodologies within the selected GCC countries and between the GCC countries and the USA are compared on the basis of the data collected from secondary sources. Findings Design, qualification and Shariah governance set the Shariah screening methodologies within the GCC countries apart. Feasibility, duration, economic viability and funds required differentiate these Shariah screening methodologies between the GCC countries and the USA. Shariah screening methodologies implied in the USA is more stringent than in the GCC countries. Research limitations/implications The suggestions in this study include using a longer research timeline, examining many more number of countries’ Shariah screening methodologies and exploring other types of Shariah screening methodologies. Practical implications The possibility of generalising the implementation of strict and uniform Shariah screening methodologies across all the country-specific Shariah indices amongst Muslim nations, globally, is likely to benefit all the Muslim countries, by strengthening the understanding, interaction and economic co-operation amongst these countries. Social implications People’s needs can be tended to if Maqasid Al-Shariah (objectives of Shariah) is achieved through flexibility, dynamism and creativity within the social policy. Originality/value Aspects of Shariah screening methodologies are compared and contrasted within the selected GCC countries as well as between the GCC countries and the United States and the role of Shariah screening methodologies is examined in order to determine the extent of what is Shariah-Compliant and what is Non-Shariah Compliant for a firm.

Sign in / Sign up

Export Citation Format

Share Document