GEOG 122 Lecture Notes - Lecture 3: 1973 Oil Crisis, Falkland Islands, The Shard
Document Summary
Even more active: qatar: developer and funder of the 2012 olympic site, the shard, and other projects. Capital flows from middle east to the west after 1973 oil shock. The creation of regional powers: israel, iran, argentina. Confident to take on the major powers: argentina"s assault on the falkland islands, iraq"s invasion of kuwait despite us protection. State of the art weaponry reaching these regional powers. With sophisticated army, the army becomes bolder. Their share of global arms trade has grown from 8%(1970) to over 50%(2000) 1981-85: iraq biggest buyer, billion on arms. Oil rich country left in debt through this purchase. Attack on kuwait in 1990, attempt to acquire some of kuwait"s wealth to make up for debt(speculations) Iraq"s sales followed by saudi, libya and syria. Role of persian gulf in recent arms purchases(2008-11): 44% or bn of entire developing world total.
