This work studies how the state of Iran dramatically transformed from developmentalist to speculating mentality in its quest to bring up a modern economy, during a period of rising and falling oil revenues and, in general, under cycles of heterogenous crises since the 60s. Examining the state's developmental plans or economic reforms in this period, from land reforms (1960-80) to bank, subsidy, and taxing reforms (2000-20), I trace how these projects aimed at, and the subsequent failures reshuff