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Still About Oil?

Listed author(s):
  • Bichler, Shimshon
  • Nitzan, Jonathan

During the late 1980s and early 1990s, we identified a new Middle East phenomenon that we called 'energy conflicts' and argued that these conflicts were intimately linked with the global processes of capital accumulation. This paper outlines the theoretical framework we have developed over the years and brings our empirical research up to date. It shows that the key stylized patterns we discovered more than twenty years ago – along with other regularities we have uncovered since then – remain pretty much unchanged: (1) conflict in the region continues to correlate tightly with the differential profits of the Weapondollar-Petrodollar Coalition, particularly the oil companies; (2) dominant capital continues to depend on stagflation to substitute for declining corporate amalgamation; and (3) capitalists the world over now need inflation to offset the spectre of debt deflation. The convergence of these interests bodes ill for the Middle East and beyond: all of these groups stand to benefit from higher oil prices, and oil prices rarely if ever rise without there being an energy conflict in the Middle East.

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File URL: https://www.econstor.eu/bitstream/10419/157791/1/bna-432_20150200_bn_still_about_oil_rwer.pdf
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Article provided by ZBW - German National Library of Economics in its journal EconStor Open Access Articles.

Volume (Year): (2015)
Issue (Month): ()
Pages: 49-79

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Handle: RePEc:zbw:espost:157791
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  1. Alan S. Blinder & Jeremy B. Rudd, 2012. "The Supply-Shock Explanation of the Great Stagflation Revisited," NBER Chapters,in: The Great Inflation: The Rebirth of Modern Central Banking, pages 119-175 National Bureau of Economic Research, Inc.
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  3. Nitzan, Jonathan & Bichler, Shimshon, 2006. "New Imperialism or New Capitalism?," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 1-86.
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  6. Rowley, Robin & Bichler, Shimshon & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition and the Middle East," EconStor Preprints 157847, ZBW - German National Library of Economics.
  7. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
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  10. Bichler, Shimshon & Nitzan, Jonathan, 2012. "Capital as Power: Toward a New Cosmology of Capitalism," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 65-84.
  11. Nitzan, Jonathan & Rowley, Robin & Bichler, Shimshon, 1989. "Changing Fortunes: Armaments and the U.S. Economy," EconStor Preprints 157846, ZBW - German National Library of Economics.
  12. McMahon, James, 2013. "The Rise of a Confident Hollywood: Risk and the Capitalization of Cinema," EconStor Preprints 157854, ZBW - German National Library of Economics.
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  14. Bichler, Shimshon & Rowley, Robin & Nitzan, Jonathan, 1989. "The Armadollar-Petrodollar Coalition: Demise or New Order?," EconStor Preprints 157848, ZBW - German National Library of Economics.
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  17. Nitzan, Jonathan, 1992. "Inflation As Restructuring. A Theoretical and Empirical Account of the U.S. Experience," EconStor Theses, ZBW - German National Library of Economics, number 157989, October.
  18. repec:zbw:caprev:157907 is not listed on IDEAS
  19. Bichler, Shimshon & Nitzan, Jonathan, 2002. "New Economy or Transnational Ownership? The Global Political Economy of Israel," EconStor Preprints 157818, ZBW - German National Library of Economics.
  20. Bichler, Shimshon & Nitzan, Jonathan, 2008. "From Welltop to Laptop?," EconStor Preprints 157826, ZBW - German National Library of Economics.
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  24. Baines, Joseph, 2014. "The Ethanol Boom and the Restructuring of the Food Regime," Working Papers on Capital as Power 2014/03, Capital As Power - Toward a New Cosmology of Capitalism.
  25. repec:zbw:espost:157769 is not listed on IDEAS
  26. repec:pri:cepsud:176blinder is not listed on IDEAS
  27. repec:zbw:esthes:157991 is not listed on IDEAS
  28. Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1.
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