Petrodólares e industrialização: o caso da indústria siderúrgica do Oriente médio

Abstract

After World War II the world economy became dependent of petroleum, which turns into the world s energy main source. However, the geographic distribution of the reserves of this commodity is largely unequal in the different regions around the planet, allowing the generation of extra-income within the oil industry - most of it owned by the Middle East countries. The wealth produced by the oil exploitation induces to the debate about the better use of the financial resources obtained by the liquid export oil countries. Therefore, the present work intends to analyze which are the results in terms of industrialization - of the bigger input of petrodollars at the oil shock in 1970, in comparison, to the boom effect of de price of the commodity in the 2000 s era. With this purpose the role of the State in the industrialization process is discussed, once it is the State which controls most of petrodollars earned by the region. Add to this, the fact that in the region, there is the predominance of authoritarian governments, which can largely affect the performance of those economies with their interventions. Furthermore, important features of the oil industries and steel industry are presented so to subsidize the concrete data research. An empiric analysis is done from the case study of the steel industry of the region.