PROBLEMS OF ECONOMIC MODERNIZATION IN “RENTIER” ECONOMIES ON THE EXAMPLE OF THE ARAB OIL-EXPORTING STATES

Abstract

The article deals with the problem of an economic modernization in oil-based “rentier” economies on the example of the Arab countries. The main attention is paid to fiscal policy in oil-exporting countries, public spending and to the problem of calibration of economic policy between competing short and long-term objectives and pressures, and also to it’s adaptation to the world economy trends

Keywords

• “rentier” economy
• economic policy
• globalization
• stages of development
• pro-cyclical strategy
• investments
• economic planning
• manufacturing
• diversification
• export
• competitiveness ranking
• liberal model
• world economy