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From Value to Power: The Rise of Oil as a Political Economic Commodity

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  • Bülent Temel

    (Southern New Hampshire University)

Abstract

This paper traces the historical trajectory of oil’s transformation from an economic resource into a political economic commodity. Since its beginning as an industrial raw material in the mid 19th Century, petroleum has become an increasingly significant commodity relevant to a number of domains from domestic politics to international trade, environment to foreign affairs. An historical account of the rise of oil in international political economy sheds light on the dynamics that generate the political power associated with it, the constraints that restrict the policy space for many governments in international relations today, and the unpredictable nature of its economic value.

Suggested Citation

  • Bülent Temel, "undated". "From Value to Power: The Rise of Oil as a Political Economic Commodity," Working Papers 2012/52, Turkish Economic Association.
  • Handle: RePEc:tek:wpaper:2012/52
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    File URL: http://www.tek.org.tr/dosyalar/TEMEL-OIL-POWER-2012.pdf
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    References listed on IDEAS

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    1. Robert B. Barsky & Lutz Kilian, 2004. "Oil and the Macroeconomy Since the 1970s," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 115-134, Fall.
    2. Kaufmann, Robert K. & Ullman, Ben, 2009. "Oil prices, speculation, and fundamentals: Interpreting causal relations among spot and futures prices," Energy Economics, Elsevier, vol. 31(4), pages 550-558, July.
    3. Leigh, Andrew & Wolfers, Justin & Zitzewitz, Eric, 2003. "What do Financial Markets Think of War in Iraq?," Research Papers 1785, Stanford University, Graduate School of Business.
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