The implications of the rentier state theory regarding the major oilproducing states of the middle east rebekka schliep essay politics international politics region. Here, the word state refers to condition, as in the example since he went into the hospital, his state of health worsened daily. Efficiency theories differential efficiency operating synergy finance essay. Though there are many ethical institutions in a society like church, family etc but state is most important among them state is mans best friend state is mans best friend. The city university of new york project on middle east. A theory of civil conflict and democracy in rentier states. A rentier social contract emerges as the creation of artificial employment opportunities and handouts become a means for the government to obtain support and, from this, legitimacy toledo, 20. If the evidence arrayed in this paper is at all persuasive, it should reassure our trading partners about the essential stability of merger policy in the united states. The rentier state theory revisited nishad sanzagiri.
Two of the most important stylized facts about mergers are the following. Soda pdf merge tool allows you to combine two or more documents into a single pdf file for free. An introductory guide article pdf available in mediterranean journal of social sciences 54 march 2014 with 75,111 reads how we measure reads. Merger is corporate combination of two or more independent business corporations into a single enterprise, usually the absorption of one or more firms by a dominant one. Acquisition and merger process through the eyes of employees. Development of rentierism posted on march, 2014 by john dudovskiy rentier state theory is a political economy theory that seeks to explain state society relations in states that generate a large proportion of their income from rents, or externallyderived, unproductivelyearned payments gray, 2011, p. Initial conceptualization of rentier state was based on the impact of externally generated oil revenues on the economic development as.
Rentier state theory rst remains the dominant literature on state society relations in the arab states of the gulf, yet by focusing on case studies of three ostensibly rentier states, qatar, bahrain, and oman, and their experience during the post2011 period, this. Operating synergy types and their impact on postmerger. Pdf articulating theories of states and state formation. The city university of new york no representation without taxation. This study is a case study about acquisition and merger process, which took place in february 2014, when company x name changed bought three magazines and 42 employees were transferred from company y name changed. An empirical examination of efficiency theory of mergers in. Centrality of rents and rentier state theory rents have been central to shaping the political economy of the gulf corporation council gcc. Ps2pdf free online pdf merger allows faster merging of pdf files without a limit or watermark. In rentier state theory, the state derives most of its revenue from renting resources such as oil to foreign powers. Theory and evidence on mergers and acquisitions by small and. This article aims to analyze the implications of the arab uprisings on the rentier state theory rst. Near east, near orient publish your bachelors or masters thesis, dissertation, term paper or essay. To anticipate somewhat the outcome of our researches, every state has been and is a class state, and every theory of the state has been and is a class theory. Our pdf merger allows you to quickly combine multiple pdf files into one single pdf document, in just a few clicks.
This evidence heavily implies that the uae qualifies as a rentier state. This colloquial meaning was the starting point for defining the concept of state in system theory. Sotiropoulos abstract this article offers an alternative explanation of the greek crisis by using the rentier state theory. Given the increasing amount of merger activity, any insights that promote a greater understanding. Jul 08, 2016 according to this theory if the management of firm a is more efficient than the management of firm b and after firm a acquires firm b the efficiency of firm b is brought upto the level of efficiency of firm a.
Basis for horizontal merger it may be social gain as well as private gain. Split pdf files into individual pages, delete or rotate pages, easily merge pdf files together or edit and modify pdf files. Easily combine multiple files into one pdf document. Sssoooccciiiooolllooogggyyy 999222444 theories of the state. Theoretical approach in political science and international relations which examines how resourcerich states generate rents externally and redistribute wealth internally. Choose from a variety of file types multiple pdf files, microsoft word documents, microsoft excel spreadsheets, microsoft powerpoint. This article will discuss how the rentier state contributes to the survival of arab absolute monarchies despite the various challenges to their rule. Rentier state theory claims that resource abundance causes weak and predatory state institutions. Results also support the common expectation that organizational complexity is a. It emphasizes the diversity of findings and identifies an orthodox position positing an unmediated effect of resource abundance.
Multidivisional firms, internal competition and the merger. In light of the trend towards mergers and the reported high rate of failure, it seems that organizational leadership during the merger experience is an important consideration. Past explanations referred to domestic pitfalls of the greek economic. Though the efficiency theory of mergers has dominated the field of research on merger motives for many years, its empirical validity is still very limited. Abstract this article aims to analyze the implications of the arab uprisings on the rentier state theory rst. Willig department of justice merger analysis, industrial organization theory, and merger guidelines the leadership of the antitrust division of the u. The efficiency theory of mergers, which views mergers as effective tools to reap benefits of synergy, is still the basis of many merger studies. The concept of state in system theory in system theory, state is a key concept. This article presents a signaling theory consistent with this evidence and considers the theorys normative implications. One of the key predictions of agency theory is that low managerial ownership in the acquirer rm leads to poor postmerger performance. Rentier capitalism is a term currently used to describe the belief in economic practices of monopolization of access to any physical, financial, intellectual, etc. A theory of mergers and firm size we propose a theory of mergers that combines managerial merger motives with an industrylevel regime shift that may lead to valueincreasing merger opportunities. Political theories of the welfare state semantic scholar.
The rentier state theory rst and its limits the theory of the rentier state started to emerge in the late 1960s, became fully formed in the 1980s, and has since undergone some adjustments. Theories of the welfare state 37 strong version is that nations with comparable levels of economic development would converge at similar levels of welfare state development as well. Silje aslaksen and ragnar torvik department of economics norwegian university of science and technology n7491 trondheim norway emails. Operating synergy types and their impact on post merger performance lennart horst michael junge anr 791051 master of science finance supervisor. The entities listed below differ from separatist movements in that they would form as a merger or union of two or more existing states, territories, colonies or other regions, becoming either a federation, confederation or other type of unified sovereign. Yugoslavia was already in a process of dissolution, and this step was. However, to large sections of the local oilbearing communities, the commodity is mainly a source of anxiety and misery. Efficiency theories differential efficiency operating synergy. This article shall focus on the political aspects of the resource curse theory, in particular the rentier state theory as a sub theory of the resource curse. The concept of rentier states revisited springerlink.
It provides enormous wealth and means of patronage to the rentier state and its joint venture partners, the transnational oil companies. State is an ethical institution state is an ethical institution. Oct 18, 2010 all previous theories of the state have been class theories. Economic adjustment and reform in the context of a rentier. A dictionary of politics in the middle east authors. Malthus had to use it to complete his population theory. The relative stability that we have seen over the last twenty years, in a period of vigorous policy debate, is a good omen for the future.
Thus, this study attempts to propose an integration theory. In short, it remains the conventional and convenient recourse for assessing this regions economic and sociopolitical developments. The word rentier usually refers to the social position of the individual who owns lands and earns revenues of its properties without working which means. Abstractthe oil and gasrich states of the gulf cooperation council have long been treated as exceptional, where distributions of rentbased wealth to society assumedly preclude political dissent. The claim is contentious since it rests on the assumption that public policy is the product of large, impersonal, economic forces. Muslumov alovsat 2002 examined that synergy is one of the main factor behind the merger and took 56 mergers from us industry, and the cash flows improvement in the productive usage.
A rentier theory of subnational regimes fiscal federalism, democracy, and authoritarianism in the argentine provinces by carlos gervasoni scholars of political regimes have long noticed that the extent to which citizens of. First, the stock price of the acquirer in a merger. Observing the rents accrued by the governments of gulf states, the allure of implementing rentier state theory rst in explaining their politics is easy to comprehend. Rentier state theory holds that control and distribution of natural resource revenues is crucial for state power, but that rentier states are fragile and inflexible in the long run, particularly in the face of international economic. Defining rents as effortlessly accrued income streams, rentier states can be seen as those whose economies are dependent on substantial external rent for state revenues schwarz, 2012. A reference point theory of mergers and acquisitions. The plan of merger has been approved in accordance with the applicable laws of each entity that is a party to this merger. The semi rentier state hypothesis asteris huliaras, dimitri a.
Articulating theories of states and state formation. The rentier state theory rst has received renewed academic traction in its ability to explicate. This paper develops a theoretical model to analyze whether a rentier state can diversify its economy away from the rent revenue and hence sustain the. A class theory is, however, of necessity, not the result of investigation and reason, but a byproduct of desires and will. Yet, by examining informal and formal opposition in qatar, bahrain, and oman since 2011, this article disputes the effectiveness of this cooptation mechanism at the sub. This is a list of proposed state mergers, including both current and historical proposals originating from sovereign states or organizations. State in state recognition theory william thomas worster i. Of such theories the best known is the old social contract theory, which was associated especially with the name of rousseau. Multidivisional firms, internal competition and the merger paradox anthony creane and carl davidson department of economics michigan state university october 2000 revised december 2001 we thank mike baye, jay pil choi, keith crocker, larry martin, steven matusz, jack. The chief argument is that the presence of a lockup. An appraisal article pdf available in uluslararasi iliskiler ssci11. Initial conceptualization of rentier state was based on the impact of externally generated. Is rentier state theory sufficient to explain the politics.
This chapter is concerned with african rentier states, a category first coined by an iranian economist hossein mahdavy 1970, writing about the problems of oil dependency in iran. The public voted in a referendum for severance of its federation with serbia. Pdf economic diversification potential in the rentier. Rentierism, far from being saddled with being the sole explanatory tenet for the entirety of the middle eastern political universe, should instead be treated as a trait of gulf politics introduction. This free online tool allows to combine multiple pdf or image files into a single pdf document. Free online tool to merge pdf files pdfcreator online. The essential stability of merger policy in the united states. Rentier state theory rst, which seeks to explain the impacts of external payments or rents on state society relations and governance, has been in wide usage for over two decades, and is still routinely cited by scholars writing on. While our theory does not apply to all conglomerate mergers since many do not. Theories of the state 3 term paperproject all participants taking the seminar for credit are expected to write a term paper on the state and politics. Apr 02, 2009 in our forthcoming journal of finance article eat or be eaten. The rentier regime is a particular regime with its mode of regulation boyer, 2015, p. Merger analysis, industrial organization theory, and merger.
A free and open source software to merge, split, rotate and extract pages from pdf files. My strong preference is for papers to revolve around some historical or contemporary substantive problem a particular state policy, a particular example of state transformations, a. A theory of late rentierism in the arab states of the gulf. Stay informed about special deals, the latest products, events, and more from microsoft store. Among scholars whose work focuses on the gulf, though, the theory of the rentier state appears more. Shmuel leshem empirical evidence shows that termination fees lockups in merger agreements of public companies discourage competition for the target company but do not necessarily harm target shareholders. It also discusses particular growth strategies that have been effective in producing longrun economic growth in. Although the central economic factor of an abundant reserve of natural resources remains the constant element around. Whether you need to split a pdf into several different single files or split its pages in a certain interval, all you have to do is upload the pdf file and select the. The rentier state is a political economy theory that seeks to account for state society.
A theory of late rentierism in the arab states of the gulf 3 roughly a net amount of four million barrels of oil off the international market and lasted from october 1973 until march 1974. Law, theory, and practice we aim to change the way that transactional law is taught in u. Rentier states and state transformations oxford handbooks. A theory of late rentierism in the arab states of the. Introduction the focus of this study is on the rentier character of state and economy in relation to capital accumulation during the period of 19601997 in iran. We now know that no such compact was ever subscribed to by human groups, and. Theories in merger and acquisition mergers and acquisitions. The implications of the rentier state theory regarding the. For adam smith rent, though a source of income, is nonetheless different from other sources, in that it is not the cause of prices but, rather, the effect of them. Rentier state and shia islam in the iranian revolution. The current process for defining markets was introduced in the 1982 merger guidelines, and was based on court cases and scholarly research stretching over many decades. The former entity of the socialist federal republic of yugoslavia s. Oil and the rentier state loyola university chicago. In our forthcoming journal of finance article eat or be eaten.
The cost and benefit analysis of the mergers and acquisitions affect the decision by the managers and the shareholders of whether to take up a specific merger and acquisition. In current politicalscience and internationalrelations theory, a rentier state is a state which derives all or a substantial portion of its national revenues from the rent of indigenous resources to external clients. Rentier state and shia islam in the iranian revolution theda skocpol the recent overthrow of the shah of iran, the launching of the iranian revolution between 1977 and 1979, came as a sudden surprise to outside observers from the american friends of the shah, to journalists and political pundits. University, ohio state university, princeton university, and the university of. Pdf merge combinejoin pdf files online for free soda pdf. Rentier state theory and the arab uprisings 77 states were defined through three key characteristics. Changes to the organizing articles of the surviving entity to be effected by the merger are attached. Examples of rentier states include oil producing countries in the middle east region including saudi arabia, united arab emirates, iraq, iran, kuwait and qatar as well as states such as venezuela and libya in latin america and north africa, all of whom are members of opec. The organizing articles of the surviving entity shall not be amended pursuant to this merger. The use of economics in competition law 2005, jan 27, brussels the views expressed herein are not purported to reflect those of the federal trade commission, nor any of its commissioners.
This phase is tied to dangers of splitting a fragile rentier state. How to combine files into a pdf adobe acrobat dc tutorials. This simple webbased tool lets you merge pdf files in batches. Towards a theory of late rentierism in the arab states of the gulf matthew gray centre for arab and islamic studies the australian national university canberra, australia m.
Part ii illustrates the theory of the rentier state, and in particular, how the rentier system affects the economics of the state and work mentality. Fourth, a corollary of the role of the few, in a rentier state the government is the principal recipient of the external rent. For ricardo, the concept of rent plays a central role in his statement of the diminishing returns. The idea of the rentier state, however, was first put forward by iranian. How to merge pdfs and combine pdf files adobe acrobat dc.
To date, academic researchers have not yet proposed a complete theory that completely and perfectly integrates the synergy, private benefits and hubris hypotheses to explain why the three hypotheses can all be supported. First, oil revenues are paid to governments in the form of rent. Rentier state theory rst, celebrated by lisa anderson as one of the major theoretical contributions of middle eastern studies to the discipline of political science,2 was built on a series of studies that emerged mostly in the 1980s following the oil boom of the previous decade. If you are looking for a way to combine two or more pdfs into a single file, try pdfchef for free.
Lessons from the evolution of merger guidelines in the united. The first phase of the debate was concerned with oil resources and oil and gasrich states. Rentier state theory rst is a political economy theory that seeks to explain state society relations in states that generate a large proportion of their income from rents, or externallyderived, unproductivelyearned payments. While it is clear that no single theory will never be able to address the full range of merger phenomena, reference points fill in some of the blanks. Economic adjustment and reform in the context of a rentier state bassam fattouh presented at the graduate institute geneva, september 2017 oxford institute for energy studies. Broadly, the studies find and the theory puts forth that there is a higher consequence arising from preexisting structural characteristics, over those that are cultural. State theory group constitution 1 name the group shall be called the state theory specialist group of the political studies association. The public voted in a referendum for severance of its federation with serbia, which was already tenuous at best. Rentier states and state transformations david waldner department of politics university of virginia and.
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