PROBLEMS OF ECONOMIC MODERNIZATION IN “RENTIER” ECONOMIES ON THE EXAMPLE OF THE ARAB OIL-EXPORTING STATES

The article deals with the problem of an economic modernization in oil-based “rentier” economies on the example of the Arab countries. The main attention is paid to fiscal policy in oil-exporting countries, public spending and to the problem of calibration of economic policy between competing short and long-term objectives and pressures, and also to it’s adaptation to the world economy trends

“rentier” economy, economic policy, globalization, stages of development, pro-cyclical strategy, investments, economic planning, manufacturing, diversification, export, competitiveness ranking, liberal model, world economy