If you believe that something has changed in the methods of global politics since the mid of 20th century, then you haven't been curious enough to look at the state of the world beyond convenient western news coverage. It's still the rule of powerful and able, and it's not the power to produce and create, unfortunately.

The states who play these games have terrible economies to show for it.

doesn't seem to hurt Saudis much as long as their ruling classes can arrange meetings in the cabinets of the US and the UK governments.

You seem to be missing something key to this discussion.

The game changed in the mid 20th century with the rise of mutually assured destruction.