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The Fall of Persia: How The British Empire Crippled Iran's Wealth
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Britain significantly impacted Iran's wealth, especially through its control of Iranian oil resources in the early 20th century. In 1908, the discovery of oil in Iran led to the establishment of the Anglo-Persian Oil Company (later British Petroleum, or BP), which had a virtual monopoly over Iranian oil. Britain secured highly favourable terms in their agreements, granting itself substantial profits while giving Iran only a small share of the revenues. Despite Iran’s status as the primary resource provider, it saw minimal financial benefit. This arrangement deeply undermined Iran's economic independence and contributed to widespread poverty and dissatisfaction within the country. In 1951, Iran nationalised its oil industry under Prime Minister Mohammad Mossadegh, but Britain’s opposition led to sanctions and, ultimately, a CIA and MI6-backed coup in 1953, reinstalling the pro-Western Shah. These actions ensured continued British influence over Iranian oil, further depleting Iran’s wealth and sovereignty until the revolution of 1979, which led to Iran regaining control of its resources.
Video editing: Innospec Solutions
Voice audio: Christian Neale
Video editing: Innospec Solutions
Voice audio: Christian Neale
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