References
[1]Davis, Mike. "Fear and Money in Dubai." New left review (2006): 47-70.
In Mike Davis’ “Fear and Money In Dubai”, Dubai presents itself as a scene with a 24-square-mile archipelago of coral-coloured islands in the sharp of an almost-finished puzzle of the world. The palms shaped islands are connected by causeways to a Miami - like mega-hotels, skyscrapers and yachting marinas. The earth’s tallest building - Burj Dubai and the underwater luxury hotel. But it is not all about an strategy of economic development, it is money and fame in a backward society, appear more perfected than in an advanced society like New York, London, and Paris, but unlike these three countries, Dubai is not a economically free country with a free market. The wealth in Dubai is not based on abilities skills of the local people, but wealth in Dubai is the simple result of the people there being lucky to be the upstarts live high.
[2]Chand, Sheetal K., and Martin Paldam. "The Economics of Immigration into a Nordic Welfare State - And a Comparison to an Immigration State and a Guest Worker State." Univ. of Aarhus Economics (2004).
This paper is comparing the case in Dubai and United State, immigration is only an advantage for the immigrant while it is a disadvantage for the natives. This poses an additional threat to the continuation of this type of welfare state. United State is an immigrant society, and a tax-based welfare state with institutions of the Nordic type. Dubai is a guest worker society. The immigration issue is mainly affect the country, which is divided between those who want to expel immigrants and those who want to exploit them. The society is about a uncomfortable economics of immigration, a large number of nonvoting work force.
[3]Krugman, Paul. "The Road to Dubai." New York Times 31 Mar. 2006.
This article gives a important point about the division between legal and illegal immigration, especially it's between high-skilled and low-skilled immigrants. And Dubai is a country where a large part of the labor force consists of illegal immigrants and foreigners with temporary visas, both of the groupa do not have the right to vote. The democratic ideals is about government by the people, but the political system in Dubai is most workers' interests are ignored. It lead to a weak social safety and the government spend too little on people's health care and education. It's a dangerous for Dubai to creat a nonvoting working class.
Pacione, Michael. "City profile: Dubai." Department of Geography, University of Strathclyde 22 (2005).
[4]The urban economy
Dubai has progressed from pre-industrial to industrial status. The "open door" economic policy make the investment capital inward flows rapidly. Dubai has attracted a steady amount of immigrants that has had significant impact on the culture and social of the country. Since early 90's, Dubai has been engaged in economic expansion by the oil production. "Having peaked at 410,000 barrels per day in 1991", but now "it is in decline and for less than 10% of GDP." Dubai changed their economic strategic, in order to reach a "developed economy" by up grade investment and attract established firms in high value industries.
[5]The urban development
This article is based on a study of Dubai's urban development. Dubai use to be the smallest of the settlement areas with 200 houses and 50 shops, and dominated by Persian and Indian merchants back to 50's. It was provide a road system, divide the areas for different land uses, and creat new town centre at early 70's. Since 1980– present, it is a period of rapid urban expansion for Dubai, guiding the economic development of the city into the twenty-first century by man made additional land in order to meet current and future needs for residential, industrial and commercial uses. Encouraging expatriates to re-invest capital and profits in local enterprises.
[6]Cummins, Chip, and Stefania Bianchi. "DUBAI -- Housing crisis? Mortgage meltdown? Credit crunch?" The wall street journal (2008).
Dubai property prices have risen sharply in the few years since the United Arab Emirates opened its market to foreigners. However, sky-high oil prices make the local economy no longer benefit from selling oil. Borrowing costs lead to a credit crunch. And international investors are taking money out of the local stock markets. The whole project will take more than 10 years to complete, and then the world economy will be very different by thee time it's built.
[7]Cummins, Chip. "Dubai Moves to Bolster Domestic Property Market" The wall street journal (2008).
The authors of this article presents the government in Dubai said a government fund would start investing in domestic real estate. Without oil, Dubai presents itself as a place for a tourism, business and financial center. But the United Arab Emirates has been struggling through the credit crunch recently. Local banks lend to all the foreign developers in order to expand the economy. However, international investors betting on the government policy on currency's releasepeg from the dollar. Meanwhile, construction delays and the cost of building materials rising affect profits. Also, in Dubai's stock market, the shares have fallen sharply in recent weeks.
[8]Villa, Marco. "Dubai: City of Illusions and Distastefulness." Instablogs. 21 Oct. 2008.
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The author talks about journalist Mike Davis’ article "fear and money in Dubai". The economy in Dubai has moved from oil-centric to tourism and finance. He presents trafficking, smuggling, and prostitution in Dubai. Unlike other major cities in the world, Dubai does not exhibit a natural growth. they have the world tallest buildings and they do nothing with them.He talks about the instability of the economic market in Dubai. The economic development is not base on real estate and loans, the recent credit crunch could affect the loans available for Dubai and the credit available for future buyers.
[9]Kerr, Simeon, and Andrew England. "Dubai to shop through decline" Financial Times 3 Nov. 2008.
This article talks about the Dubai mall operated by real estate giant Emaar in the Burj Dubai, the world’s tallest tower. The mall,has the largest retail opening in history, with about 600 outlets open at once. But the consumer confidence in the UAE appears to come down be when they facing the negative news about the global economy, sharp declines in local markets. The author point out the businessmen do well for those great retail opportunities, but the problem is it lookes great from outside but haven’t any substance.
[10]Bianchi, Stefania. "Dubai's hot market alarms analysts." The wall street journal (2008).
The author of this article provides the market of Dubai, this article present the city from its urban development and mega-projects. the authors provide detailed analysis of Dubai's economy, urban development, international business and urban prospect. There are many challenges have begun to surface for people in Dubai, the main problem is oversupply. But the global economic slowdown has all kinds of markets unstable issues. And cash-rich Emirates are considered safe for foreign investors, it also may affect by the slowing global growth.
