War In The Middle East

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).


Annotated Bibliography

Hines, M. (1976). Principles and Practices of Real Estate. Homewood, IL.

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.

Floyd, C. (1987). Real Estate Principles, Second Edition, Revised. Chicago, IL. Longman Financial Services Publishing, Inc.

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.

Shenkel, W. (1980). Modern Real Estate Principles. Dallas, TX. Business Publications, Inc.

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.

Unger, M. Karvel, G. (1979). Real Estate Principles and Practices. West Chicago, IL. South-Western Publishing CO.

In relevance to real estate marketing, this book shows different types of real estate advertising, advertising media, general advertising rules and advertising appeals.

Alvin, B. (1962). Rural Land Tenure in the United States. Baton Rouge, LA. Louisiana State University Press.

Lists theories associated with rural land such as land conservation, land rights and legal issues. Also deals with public policy and the act of exchanging land for monetary return.

Stevens, M. (1984). Land Rush. McGraw-Hill Book Company. New York.

Offers insight to residential and commercial real estate. Lists the differences, and similarities between the two. Author begins with the basics and works the reader up to an advanced levels.

White, J. (1989). Case Studies in Real Estate Marketing. Journal of Property Management, v54n6 Nov/Dec.

Shows a 3-step strategy for real estate marketing. Also included is examples of marketing strategies in New York City and other large cities.

White, J. (1990). Real Estate Marketing. Journal of Property Management. V56n6 Nov/Dec.

Shows a more broad approach to real estate marketing. Focuses on pamphlets, brochures and other informative information.

Yavas, A., Colwell, P. (1995). A Comparison of Real Estate Marketing Systems: Theory and Evidence. The Journal of Real Estate Research. V10n5.

Shows how sellers raise the price of houses in order to offset the broker’s commission. Also lists a “model of marketing choice”.

Clarke, V. (1998). In Search of the New Real Estate Marketing Executive. National Real Estate Investor. V40n12, Nov.

Explains how marketing conditions have changed dramatically. Also lists the talents needed to be successful in today’s real estate marketing function.

Kalb, P. (1999). Marketing 212. New York. 32, no. 48, Dec. 13, 1999.

Describes how an average woman from Edgewater became a successful realtor. By using promotional material and direct marketing this woman made it to the top of New York real estate.

Cahill, D. (1995). Is the Real Estate Industry Ready for the Marketing Concept?. Journal of Professional Services Marketing. 13, no. 1.

Introduces new strategies including a marketing concept designed for real estate marketing. Also, shows how this concept is beneficial in comparison to old approaches.

McDonald, G. (1988). The Appraisal of Small Rural Tracts in West Texas. Real Estate Appraisor. V54n1, spring.

Shows how sellers need an availibility of financially stable buyers in order to purchase large parcels of land in rural areas located in Texas. Also gives a formula for valuation of rural land.

Anonymous. (1979). Investing in Rural Land. Business Week. N2583, April 30.

Shows at that time it was the peak of shopping for rural property. Explains how rural land can outrun inflation and why farm land has been steadily increasing in value over the past decade.

Stroud, H. (1978). The Land Development Corporation: A System of Selling Rural Real Estate. Real Estate Economics. V6n3 Fall.

Large land development companies are now selling rural land in order to create recreational or vacation sites. Detailed process of how these large companies acquire the rural land and how they go about disposing it.

Reiss, D., Thomas, D., Goodkin, S. (1988)Trends in Housing: Two Views. Journal of Property Management. V53n5 Sept/Oct.


Brophy, P. (1986). Changing Role of Local Government in Real Estate Development. Commercial Investment Real Estate Journal. V5n2 Spring.


Schwab, G. (1985). Investment Opportunities in Agricultural Real Estate. Trusts and Estates. V124n2 Feb.


Anonymous. (2001). Real Estate Listings and Service Providers. Mortgage Banking. V61n12.


Baltic, S. (2001). The Sun Shines on Affordable Housing. National Real Estate Investor. V43n9 Aug.


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