By situating Iran within the neoliberal global capitalism and resulting geopolitics, this book traces the patterns of capital accumulation and transformations in class and state formation emanating from it. It shows that Iranian neoliberalisation has brought about two capital fractions, namely the internationally-oriented capital fraction and the military-bonyad complex. It substantiates that the co-existence of these competing class fractions with different accumulation strategies has generated hybrid neoliberalism. The book further demonstrates how this new class formation has reorganised the function and operation of state institutions and transformed state ideology. By documenting the ways in which Iranian neoliberalisation has reshaped the subaltern classes and formed Iran’s volatile foreign policy, it also provides a novel account of major events and processes in contemporary Iran, such as the post-2017 wave of uprisings, the nuclear programme and international sanctions.