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Oil MoneyMiddle East Petrodollars and the Transformation of US Empire, 1967-1988$
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David M. Wight

Print publication date: 2021

Print ISBN-13: 9781501715723

Published to Cornell Scholarship Online: January 2022

DOI: 10.7591/cornell/9781501715723.001.0001

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Reform and Revolt

Reform and Revolt

(p.170) Chapter 7 Reform and Revolt
Oil Money

David M. Wight

Cornell University Press

This chapter explores how the Carter administration worked to reform one key aspect of the US-led petrodollar order: the issue of arms exports. However, others in the Middle East and North Africa (MENA) endeavored to achieve a revolution that would overthrow the entire system of US cooperative empire. In Iran, such revolutionaries were on the cusp of a historic victory. There, the tensions and dislocations generated by the shah's petrodollar policies fueled broad-based dissent and, by early 1978, popular uprisings, the beginning of the Iranian Revolution. And while the Iranian revolutionaries came from across the ideological spectrum, the revolution quickly came under the guidance of Ayatollah Ruhollah Khomeini, who provided a regular flow of powerful speeches condemning US imperialism and promising a new petrodollar order for Iran once the shah was removed from power.

Keywords:   Carter administration, petrodollars, arms exports, MENA, Middle East, Iran, petrodollar policies, Iranian Revolution, North Africa, Ayatollah Ruhollah Khomeini

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