| Description |
1 online resource (xix, 242 pages) : illustrations (some color) |
| Contents |
Chapter 1: Understanding Money and Finance -- Chapter 2: It Was the Best of Times, It Was the Worst of Times -- Chapter 3: When Oil Shocked the Globe -- Chapter 4: A Monetary Revolution -- Chapter 5: Private Sector Takes the Control -- Chapter 6: A New Global Debt Cycle -- Chapter 7: Adapting with Derivatives -- Chapter 8: Revolution and Oil Shock -- Chapter 9: The Crash of 1982 -- Chapter 10: Conclusion |
| Summary |
The rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible. Here, it will be demonstrated that the dramatic transfer of wealth from the industrialized, capitalist world to OPECs members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them. Ryan C. Smith is an independent scholar specializing in modern finance, the oil industry, energy and geopolitics, and the Middle East. He received his Ph.D. in Economic and Social History from the University of Glasgow in 2022. |
| Bibliography |
Includes bibliographical references and index |
| Notes |
Online resource; title from PDF title page (SpringerLink, viewed September 14, 2022) |
| Subject |
Organization of Arab Petroleum Exporting Countries -- History -- 20th century
|
| SUBJECT |
Organization of Arab Petroleum Exporting Countries. fast (OCoLC)fst00539246 |
| Subject |
Petroleum -- Economic aspects
|
|
Petroleum -- History -- 20th century
|
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Petroleum products -- Prices.
|
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Petroleum.
|
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Petroleum -- Economic aspects.
|
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Petroleum products -- Prices.
|
| Genre/Form |
History.
|
| Form |
Electronic book
|
| ISBN |
9783031071317 |
|
303107131X |
|
