IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Article provided by ZBW - German National Library of Economics in its journal EconStor Open Access Articles.

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

in new window

Handle: RePEc:zbw:espost:157791
Contact details of provider: Postal:
Düsternbrooker Weg 120, 24105 Kiel / Neuer Jungfernstieg 21, 20354 Hamburg

Phone: +49 431 8814-1
Fax: +49 431 8814-520
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  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.
  2. repec:zbw:espost:157775 is not listed on IDEAS
  3. Nitzan, Jonathan & Bichler, Shimshon, 2006. "New Imperialism or New Capitalism?," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 1-86.
  4. repec:zbw:esmono:157972 is not listed on IDEAS
  5. repec:zbw:espost:157771 is not listed on IDEAS
  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.
  8. repec:zbw:espost:157777 is not listed on IDEAS
  9. repec:zbw:caprev:157911 is not listed on IDEAS
  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.
  13. repec:zbw:esthes:157989 is not listed on IDEAS
  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.
  15. repec:zbw:caprev:157910 is not listed on IDEAS
  16. repec:zbw:caprev:157913 is not listed on IDEAS
  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.
  21. repec:zbw:caprev:157908 is not listed on IDEAS
  22. repec:zbw:esthes:157990 is not listed on IDEAS
  23. repec:zbw:espost:157770 is not listed on IDEAS
  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.
  29. repec:zbw:espost:157781 is not listed on IDEAS
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:zbw:espost:157791. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.