Survey estimates suggest that inequality in the Middle East is not particularly high despite considerable political conflict. This VoxEU column uses new ‘distributional national accounts’ data to show that the Middle East is in fact the most unequal region in the world, with both enormous inequality between countries and large inequality within countries. The results emphasise the need to develop mechanisms of regional redistribution and to increase transparency on income and wealth data.
The discovery of giant oil fields in the Persian Gulf in the 1940s was a turning point in the history of global oil prices. This LSE Business Review column outlines how the Middle East became both a new geographical base-point for petroleum transactions and the hub of the global pricing system.
The removal of the Multi-Fibre Arrangement quotas that governed global trade in textiles and clothing until the end of 2004 led to a big rise in competition from China for some Turkish exporters to the European Union. This VoxEU column reports evidence that Turkish exporters affected by an increase in competitive pressures responded both by lowering their prices and by extending the trade credit they offered to importers.