Middle Eastern Countries and the Washington Consensus

Decent Essays

The Middle East has been considered as one of the most important crossroads of international trade for many centuries. In the second century, the Silk Route was connected in the Middle East which connected important trading areas including Europe, the Mediterranean, Central Asia and China (Paczynka 12). The important role that the Middle East plays in the trading world has further expanded in the Eighteenth Century. Finally, this role further expanded in the twentieth century. During this particular period, the Middle East has assumed of utmost significance in terms of geopolitical factors in view of the fact that they have the world’s largest petroleum services. Given the important role that the Middle East plays in the World Economy, there is no doubt that the collective economy thereof is very diverse (Paczynka 5). This is brought about by the important role that oil has played in the various economies in the Middle East. Essentially, oil was also considered as one of the main factors behind the impressive development of various countries in the region. Unfortunately, while there are several countries in the Middle East that have developed drastically over years, there is also no question that there are countries that remain to be negatively affected by severe poverty (Paczynka 5). In this light, it is also undeniable that there are various economic issues being faced by countries in the Middle East. One of the main issues, as earlier pointed out, pertains to the fact

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