Arabic petrol Research Paper Example | Topics and Well Written Essays - 500 words

Arabic petrol - Research Paper Example The first aspect is the economic development that took place during this particular time. Three major economic development are attributable to the discovery of oil in the Arab Gulf (Cleveland, & Bunton, 2013). Key among these three economic development occurred immediately after the oil discovery and happened between the year 1930s and 1960s. It is vital to point that this region was among the poorest across the globe prior to the discovery of its oil. Thus, for the first time after the discovery, there was building of the basic infrastructure and improvement in the standards of living. It prompted the growth and development of urban centers in most parts of the region. These developments presented a number of business opportunities for most states within the region. Many countries developed the interest to engage the region in business activities. The rapid growth and infrastructural development provided the leaders the means to make a profound economic transformation (Cleveland, & Bunton, 2013). Additionally, it gave them the power to control their country and its citizens. Socially, for the first time the region had a say on issues regarding international ties and economic development. As mentioned the discovery improved the standard living of the residents of this region and strengthened the social fabric. Hence, this was a major social development. Another economic and social development that happened after the oil discovery was due to the changes in the oil price. This occurred between the year of 1973 and 1974. There was a gold-rush atmosphere because of the income, which was tripling. The region directed much of its spending on infrastructural projects, as well as other social developments. The result was an emergence of a new generation of citizens with a good education (Cleveland, & Bunton, 2013). The number of professionals increased, which paved ways for more job opportunities. For instance, the number of teachers who could take up the