For thousands of years, countries in the Middle East have been engaging in wars. These wars are sparked by things such as ethnicity, religion, ownership of land and even oil production. Over time, these wars have taken their tolls on the economies and political structures of the fighting countries, and an example of this is the country of Iraq.
Iraq, situated in Southwest Asia has always had an ambition of overtaking its Southern bordering neighbor Kuwait. This obsession has dealt Iraq many crushing blows over the span of the 19th century. In 1938, the Iraqi King Ghanzi used military power and mass amounts of propaganda to gain control of the people of Kuwait (Arab.net). This backfired on Iraq when King Ghanzi was killed in a car wreck, just days after Iraq troops had reached the border of Kuwait. Then again in 1961, Iraq plotted the annexation of Kuwait. Kuwait had just declared independence from Britain when the ruler of Iraq, Abdul-Karim Qassem declared sovereignty over Kuwait (Arab.net). This action prompted Britain to send military forces to deter Iraq from taking over Kuwait. During this conflict, many Iraqi soldiers died and in the end, Iraqi soldiers retreated home. In more recent years, Iraqi leader Saddam Hussein accused Kuwait in 1990, of “flooding the world oil market”(arab.net). After days of failed negotiations, Iraq invaded Kuwait on the 2nd of August 1990. Four days later, the US, and other member countries of UN executed “Operation Desert Shield”, a plan which was suppose to remove all Iraqi forces from Kuwait. After this operation failed, “Operation Desert Storm”, or the Gulf War ensued on January 17th, 1991. This war devastated the country of Iraq. Allied air raids destroyed roads, bridges, factories, and perhaps most importantly, oil industry facilities. After only being at war for a little more than a month, Iraqi casualties totaled more than 100,000 soldiers and nearly 20,000 civilians (arab.net).
The heart of the majority of the damage inflicted to Iraq during the Gulf War was centered on its oil industry. Iraq, one of the 11 member countries of the Organization of Petroleum Exporting Countries, commonly known as OPEC, depends almost solely on oil production as a source of the national economy. It also depends on OPEC to provide an umbrella of protection in order to keep oil production and exports up. OPEC, created in 1960 at the Baghdad Conference, is a permanent, intergovernmental organization. OPEC’s objective is to “co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry”(opec.org). When looking at the impact that OPEC has on Iraq, it is clear that this organization is very helpful on the economy. Although OPEC denies it, what it has created is a monopoly in the world oil market. Few countries or organizations can compete with the volume, efficiency and price and which OPEC member countries produce oil.
One of the most devastating blows Iraq received was when one of the largest oil refineries in the country was bombed by allied forces. This, along with the bombing of other numerous oil refineries dropped Iraq’s foreign exchange earnings from about 95% to 90%. Also, UN sponsored economic embargos have reduced exports and imports and has contributed to a very high inflation rate (Iraq Economy). Aside from oil production, Iraq’s other industries include: chemicals, textiles, construction materials, and food processing. Agriculture also accounts for 11% of GNP, and about 30% of the labor force. Some of the agriculture produced are: wheat, barley, rice, vegetables, dates, cotton and wool (Iraq Economy).
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The purpose of this book is to look in depth at real estate principles and practices. Because the book is very in depth it will provide information regarding the marketing principles of real estate.
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This second edition of Real Estate Principles gives an introduction of real estate and continues with topics such as Real Estate Development and Real Estate Transactions.
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Looking at chapter 19 of this book, the author talks about land development of residential, commercial and industrial real estate. Also included is Real estate management and real estate brokerage.
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In relevance to real estate marketing, this book shows different types of real estate advertising, advertising media, general advertising rules and advertising appeals.
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