This article discusses the political economy of the Arab Spring. It draws attention to the economic and social factors underlying the recent uprisings in the Arab world. Essentially the article relates the internal dynamics in the Arab countries with their status and role in the global economy. It also notes especially the rising awareness in the Arab world on the role of the civil society in domestic politics, especially its capacity to demand political and economic change. The article is divided into five sections. The first section introduces the main issues, while the second section conceptually interprets the Arab Spring within the intellectual discourse on social revolution mainly but with a brief overview on regime change and democratic transition. The third section examines the relationship between oil, politics, and economy in the MENA region. The fourth section contains an analysis of the economic crisis and the various adjustment measures adopted by some governments on the eve of the uprisings. The fifth section examines the external dimensions of the Arab Spring including the international responses. The discussion of the lessons learned and policy recommendations concludes the article.