The Middle East in the international monetary context
Keywords:
Financial Monetary System, International Monetary Fund, Petroleum, Middle EastAbstract
The purpose of this article is to describe and analyze how the trial of developing and reconstructing western economies, led by the United States after World War II, when creating the 1945 Financial Monetary System, integrated by the International Monetary Fund as a key international institution, and the Bretton Woods Agreements, had repercussions on the countries of the Middle East. These repercussions include geopolitical tensions related to necessarily using oil resources as a strategy, articulating a widespread use of fiat money, and creating bank deposits from the credits granted, which were functionally successful until 1971. Since the unilateral abandonment by the United States of the 1945 agreements mentioned above, this resulted in a generalized floating of several currencies, granting credits destined for production or financial exacerbation, with incidents in the international oil exchange, ending all of this in a series of economic and political crises. Hence, from the eighth decade of the 20th century, after summarizing the changes in the theoretical framework and political practices that occurred, we present the experiences of the economic-political decisions taken in representative countries of the Middle East
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