The real oil shock : how oil transformed money, debt, and finance / Ryan C. Smith.
Smith, Ryan C., author.
2022
HD9560.5 .S6584 2022
Available Online

Linked e-resources

Linked Resource Online Access
Concurrent users Unlimited
Authorized users Authorized users
Document Delivery Supplied Can lend chapters, not whole ebooks

Details

Title The real oil shock : how oil transformed money, debt, and finance / Ryan C. Smith.
Author Smith, Ryan C., author.
ISBN 9783031071317 (PDF)
303107131X (PDF)
9783031071300 (hardcover)
3031071301 (hardcover)
DOI https://doi.org/10.1007/978-3-031-07131-7
Published Cham : Palgrave Macmillan, [2022]
Copyright ©2022
Language English
Description 1 online resource (xix, 242 pages) : illustrations (some color)
Item Number 10.1007/978-3-031-07131-7 doi
Call Number HD9560.5 .S6584 2022
Dewey Decimal Classification 338.2/728
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, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (SpringerLink, viewed September 14, 2022).
Available in Other Form Real oil shock.
Linked Resources Online Access
Record Appears in Online Resources > Ebooks
All Resources
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.

Browse Subjects

Show more subjects...

Statistics

from
to
Export