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Effects of Globalization on Saudi Arabia - Term Paper Example

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The author of the "Effects of Globalization on Saudi Arabia" paper attempts to look that how globalization has altered and tamed the Saudi Arabian economy and what appears to be happening in the same regard in the future. Globalization is one of the inevitable realities of today…
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Effects of Globalization on Saudi Arabia
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Download file to see previous pages Even if intensely loyal conservatives of today would want the world to reverse this trend, there appears to be in no chance for achieving this objective. For the past few decades, in light of the liberalization, privatization, free trade, and free-market policies, all the nations of the world have become extremely interconnected, interdependent and interrelated (Fox, Mourtada-Sabbah, & Al-Mutawa, 2006). The current global crisis is a perfect example to prove this point. A financial crisis that was purely a creation of some large corporations of the United States ended up disturbing the economies of countries located thousands of miles away  (Ramady, 2010). At that time, Saudi Arabia was building on something called the “national economy”. However, until that time, different provinces lived off specific resources and different human activities (Johany, Berne & Mixon, 1986). Hijaz, which is the name for the central and western province, generated its revenues goods and services sold to the pilgrims coming to Mecca and Medina and had subsistence agriculture (Soufi & Mayer, 1991). However, the eastern province offered opportunities for growing dates and some cash crops.

Arabia was mainly a hot desert with a cluster of people settled at places near water sources (Geon, 2004). Moreover, traveling to places was troublesome and lack of other natural resources hampered foreign investment in the economy. Just when the country was exploring and building on its newly discovered black gold, Europe was rebuilding after the Second World War (Johany, Berne & Mixon, 1986). European countries were looking for cheap and reliable resources of oil and there was no better choice than Saudi Arabia. Quite understandably, the revenues of the country grew drastically and allowed the Saudi Kings to exert even more influence over the economy (Geon, 2004). Saudi Arabia became a centrally planned or command economy where the state would control and run most of the economic and financial activities (Fox, Mourtada-Sabbah, & Al-Mutawa, 2006). ...Download file to see next pagesRead More
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