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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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(p.278) Conclusion
Oil Money

David M. Wight

Cornell University Press

This concluding chapter examines how, in many ways, the structures and consequences of the petrodollar era of the long 1970s persisted and have shaped relationships up to the present. At the conclusion of the petrodollar-fueled Iran–Iraq War, the Islamic Republic stood weakened but unbowed. The horrific experience reaffirmed for many Iranians their opposition to US imperialism. Petrodollar legacies likewise weighed heavily on Iraq. The Iran–Iraq War left Baghdad with a large military but an underdeveloped economy and deeply indebted to the Arab monarchies' billions in petrodollar loans. In addition, the rise of al-Qaeda was rooted in petrodollar histories. Ultimately, the costs of the dictatorial US-led petrodollar order in the Middle East and North Africa (MENA) are high, as are those of the authoritarian petrodollar systems in the region operating in opposition.

Keywords:   petrodollar era, Iran–Iraq War, Islamic Republic, US imperialism, Arab monarchies, al-Qaeda, US-led petrodollar order, MENA, authoritarian petrodollar systems

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