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Framed by a critical analysis of global capitalism, this book examines how the six states of the Gulf Cooperation Council are powerfully shaping the political economy of the wider Middle East. Through unprecedented and fine-grained empirical research - encompassing sectors such as agribusiness, real estate, finance, retail, telecommunications, and urban utilities - Adam Hanieh lays out the pivotal role of the Gulf in the affairs of other Arab states. This vital but little recognised feature of the Middle East's political economy is essential to understanding contemporary regional dynamics, not least of which is the emergence of significant internal tensions within the Gulf itself. Bringing fresh insights and a novel interdisciplinary approach to debates across political economy, critical geography, and Middle East studies, this book fills an important gap in how we understand the region and its place in the global order

Over recent years, Marx's category of world money has proven to be a useful analytical tool for understanding the preeminent global role of the US dollar. However, accompanying the emergence of the US dollar, there was a second transformation receiving much less attention in the Marxist literature on world money: the shift towards an oil-centered global capitalism. Situating oil within the account of world money can provide numerous insights. Most notably, it helps illuminate the constitutive role of violence and imperial force in the money form, as well as the linkages between social and class structures in oil-producing countries and the dominant forms of world money issued by core countries. It also raises important questions around the possible future of world money, particularly in the context of an apparent US decline and the necessary transition away from fossil fuels.

Abstract
This article explores the financialisation of the world's most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of loanable sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy.

Andrew Ross's Stone Men: The Palestinians Who Built Israel is a significant contribution to an emerging literature on Palestinian labor. Through an examination of various facets of the stone industry in both Israel and the West Bank, Ross develops a series of insights into the nature of settler colonialism, patterns of urban development, the political economy of Palestinian class formation, borders and migration, and the ecological impacts of occupation. By highlighting the ways in which Palestinians actually built Israel, Ross's book carries important implications for how we think about Palestinian political strategy and the debates around one- or two-state solutions.