The real oil shock : how oil transformed money, debt, and finance /: how oil transformed money, debt, and finance. (2022)

• Record Type: Book
• Further Information: Note: Ryan C. Smith.
• Authors: Smith, Ryan C
• Contents: IntroductionWould provide a brief introduction of the topic, the limitations of existing scholarship, and the links this work intends to make that will fill in these blank spots. It will lay out the specific argument that the Oil Shocks were necessary for creating the modern, financialized world order by effectively privatizing the creation of currency and providing the necessary liquid capital to transform finance in a similar fashion to how the resources provided by Columbian Conquest made European imperialism possible and the cotton trade was utilized as the launchpad for the Industrial Revolution.Chapter One: The World Before the ShocksDiscusses the state of international finance and the oil industry before the oil shocks from the 1933 Saudi concession which initiated oil drilling in that country by the Arab-American Oil Company to the founding of OPEC. It will include discussion of Bretton Woods, the impact of reliably cheap oil on global economics, the growing Eurocurrency market, and other related factors.Chapter Two: When Oil Shocked the WorldCovers the rise of OPEC, the 1973 Oil Shock, the attempted 1967 oil embargo, the tensions which led to the first Oil Shock, and the consequences it had for the global economy and OPEC's members. This chapter's emphasis will be on dissecting the broader economic and social impacts of the Shock with particular focus on how it challenged finance.Chapter Three: Beggar Thy NeighborInvestigates the divergent, often conflicting policies of the US and their allies in responding to the Oil Shocks, the different approaches taken to cope with the new petrocapital cycle, and how these clashing objectives opened up space for the private sector to operate more or less unhindered. Three areas of specific discussion will be how this transformed the Eurocurrency market, led to the creation of the petrodollar monetary system, and fueled a new arms race in the Middle East.Chapter Four: Dancing to the New BeatAnalyses how financial institutions and markets adapted to the new normal of the post-1973 world, with particular emphasis on the explosion of international loan syndications, the rise of swap instruments, and the diversification of financial futures. Particular emphasis in this chapter will be on how this fundamentally transformed global finance in ways that laid the foundation for the financialized economic order which followed.Chapter Five: The Day the Music DiedCloses out the book with examination of the 1979 Oil Shock, how it was caused by escalating geopolitical tensions in the Middle East, and its role in thoroughly destabilizing global markets leading up to the Volker Shock. Particular areas of emphasis will be on the collapse of OPEC's supply of capital for global markets, the new wave of inflation triggered by the second shocks, and how these new pressures culminated in the 1982 Global Debt Crisis.ConclusionProvides a recap of the book, discusses the main points of how the Oil Shocks created a world where currency creation was effectively privatized, finance become the most valuable industry in the world, and the direct links between the neo-liberal/neo-classical economic order and these tumultuous times.
• Publisher Details: Basingstoke : Palgrave Macmillan
• Publication Date: 2022
• Extent: 1 online resource, illustrations (black and white, and colour)
• Subjects: 338.27282; Petroleum -- Economic aspects; Petroleum -- History -- 20th century; Petroleum products -- Prices; History -- 20th century
• Languages: English
• ISBNs: 9783031071317
• Related ISBNs: 9783031071300
• Notes: Note: Description based on CIP data; resource not viewed.
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