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Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971 Book

Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971
Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971, An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S, Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971 has a rating of 4.5 stars
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Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971, An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S, Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971
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  • Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971
  • Written by author Steven G. Galpern
  • Published by Cambridge University Press, December 2009
  • An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S
  • An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S
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List of illustrations ix

List of tables x

Acknowledgements xi

List of abbreviations xiii

Introduction 1

1 Anglo-American conflict over oil and the sterling area 23

1.1 The rise of the sterling area and the creation of the Bretton Woods international monetary system, 1932-1944 27

1.2 Anglo-American petroleum talks, 1944-1945 35

1.3 Balance-of-payments crises and strategic turning point, 1947-1949 48

1.4 Substitution of sterling oil for dollar oil, 1949-1950 59

2 Sterling and Britain's confrontation with nationalism in Iran 80

2.1 The Anglo-Iranian Oil Company, Britain, and Iran, 1900-1946 83

2.2 From renegotiation to nationalization, 1947-1951 87

2.3 The balance-of-payments crisis of 1951 and the importance of British control over Iranian oil 105

2.4 US anti-imperialism, anti-communism, and Anglo-American conflict, 1950-1953 114

2.5 The Consortium Agreement, sterling, and British policy, 1953-1954 130

3 The Suez crisis: a sterling rescue operation gone wrong 142

3.1 De facto sterling convertibility, declining confidence in the pound, and the continuing importance of oil to the British balance of-payments, 1954-1956 146

3.2 Anglo-American defense planning, the Aswan High Dam project, and the nationalization of the Suez Canal, 1954-1956 150

3.3 Speculation against sterling and the march toward war 166

3.4 Operation "Musketeer," Anglo-American discord, and sterling's collapse 178

3.5 Consequences 193

4 Kuwait's surplus oil revenue: the benefit and threat to sterling 198

4.1 A new oil agreement, expanding production, and Whitehall's anxiety over rapidly rising sterling revenues in Kuwait 204

4.2 Sterling convertibility, decolonization,development, and the growing importance of Kuwait's sterling balances to the sterling area 218

4.3 Arab nationalism, the threat to Britain's interests in Kuwait, and Anglo-American intervention in the Middle East 229

4.4 Britain's continuing balance-of-payments struggle, Whitehall's reconsideration of its military commitments in the Persian Gulf, and US efforts to maintain sterling and British forces east of Suez 255

Conclusion: the devaluation of 1967 and the end of empire 268

Afterword 287

Appendices 295

Select bibliography 299

Index 313


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Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971, An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S, Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971

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Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971, An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S, Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971

Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971

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Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971, An important new political and economic history of the unravelling of the British Empire and its connection to the decline of sterling as a leading international currency. Analyzing events such as the 1951 Iranian oil nationalization crisis and the 1956 S, Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971

Money, Oil, and Empire in the Middle East: Sterling and Postwar Imperialism, 1944-1971

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