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City of Gold: Dubai and the Dream of Capitalism, by Jim Krane
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The city of Dubai, one of the seven United Arab Emirates, is everything the Arab world isn’t: a freewheeling capitalist oasis where the market rules and history is swept aside. Until the credit crunch knocked it flat, Dubai was the fastest-growing city in the world, with a roaring economy that outpaced China’s while luring more tourists than all of India. It’s one of the world’s safest places, a stone’s throw from its most dangerous. In City of Gold, Jim Krane, who reported for the AP from Dubai, brings us a boots-on-the-ground look at this fascinating place by walking its streets, talking to its business titans, its prostitutes, and the hard-bitten men who built its fanciful skyline. He delves into the city’s history, paints an intimate portrait of the ruling Maktoum family, and ponders where the city is headed. Dubai literally came out of nowhere. It was a poor and dusty village in the 1960s. Now it’s been transformed into the quintessential metropolis of the future through the vision of clever sheikhs, Western capitalists, and a river of investor money that poured in from around the globe. What has emerged is a tolerant and cosmopolitan city awash in architectural landmarks, luxury resorts, and Disnified kitsch. It’s at once home to America’s most prestigious companies and universities and a magnet for the Middle East’s intelligentsia. Dubai’s dream of capitalism has also created a deeply stratified city that is one of the world’s worst polluters. Wild growth has clogged its streets and left its citizens a tiny minority in a sea of foreigners. Jim Krane considers all of this and casts a critical eye on the toll that the global economic downturn has taken on a place that many tout as a blueprint for a more stable Middle East. While many think Dubai’s glory days have passed, insiders like Jim Krane who got to know the city and its creators firsthand realize there’s much more to come in the City of Gold, a place that, in just a few years, has made itself known to nearly every person on earth.
- Sales Rank: #939780 in Books
- Published on: 2009-09-15
- Released on: 2009-09-15
- Original language: English
- Number of items: 1
- Dimensions: 9.59" h x 1.28" w x 6.49" l, 1.29 pounds
- Binding: Hardcover
- 368 pages
Most helpful customer reviews
25 of 27 people found the following review helpful.
Great writing, informative and breaks news on Dubai, Iran and Israel
By Jennifer Nix
Krane is a longtime Middle East correspondent for the AP who was also able to see the inner workings of Dubai's governmental and commercial operations--a feat no other Westerner has pulled off.
Far from an academic book written from a distance, Krane's book is full of the kind of detail and characters that make a book and its message come alive. It also manages to break news on Dubai's relations with the U.S., Iran and Israel. In particular, it shows how the CIA has been recruiting spies from the ranks of Iranians showing up in Dubai at the U.S. embassy looking to escape life in Iran.
Contrary to the review above, Krane pulls no punches and is tough on Dubia's leaders regarding issues like slavery and human trafficking, labor abuse, their environmental depredations, and the lush subsidized lifestyle that is contributing to the city's problems--particularly the shortages of water and power. He also criticize the leadership for completely missing opportunities to mute the effects of the financial crisis, and their sinking real estate market.
The book is considered so negative, in fact, that it's not selling in Dubai or the UAE--stores there are refusing to carry it.
Krane's work also challenges Americans, in particular progressives, to reconsider how the Dubai Ports World debacle reflects poorly on America for its anti-Arab hysteria, rather than the more conventional view that it was too dangerous to allow Dubai to oversee management of a number of our ports. He lays blame squarely on Hillary Clinton and Chuck Schumer. That's some very unconventional thinking, and nothing like what you would see in an AP report.
Read this book. You will learn a great deal. If interested, you can also read my review of the book on HuffingtonPost: [...]
20 of 21 people found the following review helpful.
Beyond 5 Stars and Merits a Sequel
By Robert David STEELE Vivas
The author and I reconnected on LinkedIn and he had the publisher send me a copy of this book. I would not normally have bought it for myself, thinking it a "tourism" or "travel" kind of book, and I would have been very very wrong. The sub-title, "and the Dream of Capitalism," might better read "Case Study in Emirate Capitalism at Its Best."
This book starts very early in the history of Dubai, back when it was such a hole that no one even knew it was there or wanted to go anywhere within thousands of miles of it. The early part of the book persuaded me that the author has done some deep, serious, utterly professional and thorough homework, and the books reads easily, with gifted turns of phrase that educate and often inspire.
Putting the book down just now (and recommending the paperback that comes with a second epilogue for 2010) I reminded myself to recommend this book as a case study for both business and public administration graduate courses, as well as recommended reading for undergraduates. I certainly believe the author himself should be invited--and very well paid--to interact with the most serious and gifted of business and public administration adult students, both on and off the record. This book is a GOLD MINE of insights into what worked in an environment where, as the author describes so beautifully, the leadership knew that lawyers are generally worthless and bureaucracies are pathetic things to be dismissed. For that section alone this book goes into the Beyond 5 Stars (6 Stars and Above) and will be so rated at Phi Beta Iota the Public Intelligence Blog.
This book will be cataloged there in Capitalism, not just regional or country, in Leadership, and in a number of other categories as well. I have not, in as long as I can recall, had the pleasure of reading a book about a people, a place, a leadership, and a time that is as detailed, as harmonized in the telling, as instructive, and as enjoyable as this one.
The level of detail is EXTRAORDINARY and yet not burdensome. The detail is present as the filigree to the main wall, the story told in well-planned segments. The detail gives life to this book. This book is both educational and inspiring.
I am NOT "down on Dubai" and I don't think the author is either. In 58 years of travel and 48 years of reading--the last thirty focused on non-fiction, I have not seen any book do a better job of capturing the essence, in detail, of a culture, a place, and a living time.
The book ends with very serious challenges to Dubai being presented in a professional, responsible manner. The leaders of Dubai are clearly extraordinary people with extraordinary sensibilities, and I suspect they will rise to these challenges, not the least of which are spoiled citizens receiving $55,000 a year, and an energy and carbon footprint that could alone take down the Earth if proliferated. But even here, one sees the beauty of Emirate Capitalism as I choose to call it: every building now has to meet the LEEDS standard, and other measures are being put into place. Having said that, one must also recognize that Emirate Capitalism can be brutal to some, a form of robber=baronism, and that now that the world is in an economic decline, Dubai's leaders are going to have to think twice as boldly, listen to twice as many advisors, and be twice as tough and focused as they have been, if they are to survive.
If you are going to Dubai, if you know anyone at all in Dubai, if you own shares in any company based in Dubai, if you even THINK you might one day fly OVER Dubai, buy and read this book (the paperback, but frankly, although I got the new epilogue in Xerox form, it does not add that much, so for those of us that love hard-copy covers, go with the hard copy and forego the new epilogue, which I am suggesting to the author be put on line so as not to diminish sales of the remaining hard copies.
The author covers the Iran-US and other regional issues well enough, but this is not a book about politics, it is a book about Emirate Capitalism that should be studied for the next century, along with other books that needs to be written about Arab Capitalism as--and if--Arab Capitalism can be inspired by Emirate Capitalism.
This book needs a sequel, perhaps one that expands north and south and brings us all up to date on Emirate Capitalism, Iranian/Persian Capitalism (it does exist), and Arab Capitalism.
As one person cited in the book points out, Dubai is both the most magnificent fastest built marvel of the Earth, and also a microcosm of everything that is wrong with Western engineering ignorant of ecological economics or "true cost" of goods and services. Dubai is an OPPORTUNITY. City of Gold is the opening act--I cannot wait for the sequel. This is "jolly good stuff" and an absolutely riveting read--and not one to be skimmed over, either. This is a serious book for serious people.
I am not going to link to other books here. This book has no peers. Visit Phi Beta Iota the Public Intelligence Blog for the 1,600 or so non-fiction books, organized in 98 categories, which provide the backdrop from my praise of this book by this author. Righteous!
11 of 11 people found the following review helpful.
The best story of Dubai available
By S. Slayton
There is no shortage of journalism about Dubai, nor is there a lack of desire to know more about the emirate. The demand for information on Dubai--from those outside the emirate as well as those who call it their "residence"--is, especially these days, almost unlimited. However, most pieces tend to stumble into one or a couple of pitfalls: they are usually surface level analyses, picking and choosing from a series of stereotypes in order to support some already-articulated generalization; and they are usually far from impartial--either writers want to tell the tale of Dubai's success, or theorize about and/or encourage its potential downfall. It is rare to find a piece about Dubai that is not along one of these extremes. In addition, perhaps most frustrating for interested readers, despite Dubai's being a relatively young city, authors often any avoid any discussion of its history--any mention of a larger perspective on Dubai's origins, its lifeline, its intended future. Instead, most articles try to position Dubai as the main character in a story about the current era--the financial excess, the daring innovations, etc.--rather than telling the tale of Dubai itself. In City of Gold, Mr. Krane not only avoids all of the mentioned tendencies, but his writing seems to be in direct response to these failings.
For one, City of Gold is by no means a stale history of Dubai's development; rather, it is a vibrant telling of the emirates beginnings with the aim of putting into context the current Dubai. Mr Krane has the ability to parcel out the relevant from irrelevant and to assemble the pieces of the puzzle in a way that, even for those who know a bit already, is new and interesting. In building a coherent history, Mr. Krane sheds more light than almost any other author on the true conditions under which the current Dubai is being operated: Sheikh Mohammed's aspirations seem outrageous until Sheikh Rashid's "crazy" but ultimately successful ideas are taken into account; Dubai's current reliance on Abu Dhabi seems scandalous and a bit embarrassing until the legendary Sheikh Zayed's true political savvy is revealed; many of Sheikh Mohammed's decisions suddenly make more sense when one considers that Cordoba--and not L.A., or Las Vegas--is his model, and business (not government) his method. Moreover, for the first time, we get a sense of the many worlds that in fact make up Dubai--we do not just hear from the finance men (although there is a very useful testimony from the head of Morgan Stanley in the region), but we learn about the jewelry trade, the real issue with traffic, the otherwise unknown anecdotes about The Palm, the controversial relationship with Israel, the nuts and bolts of the seemingly clear-cut "citizenship" debate, the rapid births of Internet and Media City. Of course, these worlds would not be complete without commentary from the key characters, and Mr. Krane seems to have spoken to most--he even gains access to a party thrown by the Sheikh himself. Finally, in all his investigation, Mr. Krane walks a fine line between remaining impartial and asking the tough questions that both sides have: has Dubai been given an unfair rap? Is the city actually sustainable? What, exactly, will its future hold? These questions are not brushed aside (as would be easy to do with one of the least predictable cities in the world) but are rather addressed head on--with thought-provoking and even satisfying responses provided.
While Dubai is usually a flash in the headlines, City of Gold reveals it as a city with a very rich story to tell--even if it is still unfolding.
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