Instruction
Step 1. Access the CIA World Factbook at: https://www.cia.gov/library/publications/the-world-factbook/index.html
Step 2. Using the menu "Please select a country to view," compute the total/combined population in 2017 (or the available year) and the total/combined Gross Domestic Product (GDP, official exchange rate, in US dollar) in 2016 (or the available year) of the EIGHT OPEC members that are INCLUDED in the Middle East region as DEFINED in this course (see PowerPoint slide 64, Topic 2; note that NOT all OPEC members are from the Middle East region). Divide the total/combined GDPs (official exchange rate in US$) of the 8 Middle East OPEC countries by their total/combined population to obtain the average GDP per capita in $US of the 8 OPEC countries.
3. Using the menu "Please select a country to view," compute the total/combined population in 2017 (or the available year) and the total/combined Gross Domestic Product (GDP, official exchange rate, in US dollar) in 2016 (or the available year) of the G7 countries or Group of Seven (Canada, France, Germany, Italy, Japan, United Kingdom, and United States). Divide the total/combined GDPs (official exchange rate in US$) of the G7 countries by their total/combined population to obtain the average GDP per capita in $US of the G7 countries.
Step 4. REVIEW CAREFULLY PowerPoint slides 71 and SKIM THROUGH slides 67-75.
Step 5. SKIM THROUGH the article "Recycling Petrodollars" at http://www.newyorkfed.org/research/current_issues/ci12-9.pdf
Step 6. SKIM THROUGH the article "The Trump administration’s tally of $350 billion-plus in deals with Saudi Arabia," The Washington Post, 6/8/2017, https://www.washingtonpost.com/news/fact-checker/wp/2017/06/08/the-trump-administrations-tally-of-350-billion-plus-in-deals-with-saudi-arabia/?utm_term=.38cef35c3729
Based exclusively on (a) the EXACT six figures (round to 2 decimal places) you computed YOURSELF in steps 2 and 3, (b) the information and figures you learned from the PowerPoint slides in step 4, (c) the article "Recycling Petrodollars" in step 5, and (d) the article "The Trump administration’s tally of $350 billion-plus in deals with Saudi Arabia" in step 6, write a concise essay (300-400 words) in which (1) you summarize your learning about who gets what from oil revenues and you explain how your learning did or did not impact your worldview or perspective about the distribution and circulation of oil-related wealth, and (2) you discuss the comparative wealth of the two groups of countries: the 'developed' G7 countries and the 'developing' eight Middle East OPEC member countries in light of the question of "resource endowment" (natural occurrence of resources in a country or countries) versus "resource control" (who actually benefits more and has more control over those resources?). In your analysis you must cite in the body of your essay EACH one of the the six figures you computed (no tables of figures, please!), in addition to citing at least one RELEVANT figure from EACH one of the other sources listed in steps 4 to 6. Sources for homework assignments MUST be cited briefly (including the author (if any) and slide number, for example: (Former US Secretary of State Hillary Clinton, slide 100, Topic 1)