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Putting the State In Its Place: US Foreign Policy and Differential Accumulation in Middle-East “Energy Conflicts”

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  • Bichler, Shimshon
  • Nitzan, Jonathan

Abstract

This is the second in a series of two articles looking into the interaction between differential capital accumulation and Middle East “energy conflicts.” Examining the historical record since the late 1960s, we find US policies to have been increasingly consistent with the coinciding differential interests of a Weapondollar-Petrodollar coalition of large defence contractors and oil companies. Contrary to aggregate views which emphasize the “national interest” or the broad imperatives of capital accumulation – but in line with the differential interests of these companies – US policies in the region seem to have contributed toward greater instability, imposed limits on the free flow of oil and led to higher unstable prices. Most significantly, every “energy conflict” since the late 1960s was preceded by adverse drops in the differential rate of the large oil companies, which then promptly removed in the wake of the ensuing crisis. While the US government was officially seeking regional conciliation, it passively or actively endorsed each one of these conflicts. The current peace drive between Israel and its Arab neighbours is overshadowed by negative differential profits for the oil companies and depressed weapon sales for the arms contractors. Left unresolved, these predicaments could eventually culminate in a new “energy conflict.”

Suggested Citation

  • Bichler, Shimshon & Nitzan, Jonathan, 1996. "Putting the State In Its Place: US Foreign Policy and Differential Accumulation in Middle-East “Energy Conflicts”," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 608-661.
  • Handle: RePEc:zbw:espost:157775
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    File URL: https://www.econstor.eu/bitstream/10419/157775/1/bna-011_961201BN_Putting_the_state_in_its_place.pdf
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    References listed on IDEAS

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    1. Nitzan, Jonathan & Bichler, Shimshon, 1995. "Bringing Capital Accumulation Back In: The Weapondollar-Petrodollar Coalition – Military Contractors, Oil Companies and Middle-East "Energy Conflicts"," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 446-515.
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    Cited by:

    1. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 65-84.
    2. Bichler, Shimshon & Nitzan, Jonathan, 2002. "New Economy or Transnational Ownership? The Global Political Economy of Israel," EconStor Preprints 157818, ZBW - Leibniz Information Centre for Economics.
    3. Jonathan Nitzan & Shimshon Bichler, 2001. "Going global: differential accumulation and the great U-turn in South Africa and Israel," Review of Radical Political Economics, Union for Radical Political Economics, vol. 33(1), pages 21-55, March.
    4. Bichler, Shimshon & Nitzan, Jonathan, 2012. "The Asymptotes of Power," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 18-53.
    5. Nitzan, Jonathan & Bichler, Shimshon, 2018. "Arms and Oil in the Middle East: A Biography of Research," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 418-440.
    6. Bichler, Shimshon & Nitzan, Jonathan, 2015. "Still About Oil?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 49-79.
    7. Nitzan, Jonathan & Bichler, Shimshon, 2006. "New Imperialism or New Capitalism?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 1-86.
    8. Bichler, Shimshon & Nitzan, Jonathan, 2014. "Energy Conflicts and Differential Profits: An Update," EconStor Preprints 157857, ZBW - Leibniz Information Centre for Economics.
    9. Nitzan, Jonathan, 2001. "Regimes of Differential Accumulation: Mergers, Stagflation and the Logic of Globalization," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 226-274.
    10. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Growing through Sabotage: Energizing Hierarchical Power," Working Papers on Capital as Power 2017/02, Capital As Power - Toward a New Cosmology of Capitalism.
    11. Nitzan, Jonathan & Bichler, Shimshon, 2018. "The CasP Project: Past, Present, Future," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(3), pages 1-39.
    12. Bichler, Shimshon & Nitzan, Jonathan, 2020. "Growing through Sabotage: Energizing Hierarchical Power," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(5), pages 1-78.
    13. Bichler, Shimshon & Nitzan, Jonathan, 2017. "Oil and Blood in the Orient, Redux," EconStor Preprints 172198, ZBW - Leibniz Information Centre for Economics.

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