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Cyrus Bina (auth.)'s A Prelude to the Foundation of Political Economy: Oil, War, PDF

By Cyrus Bina (auth.)

ISBN-10: 1137106972

ISBN-13: 9781137106971

ISBN-10: 1349296716

ISBN-13: 9781349296712

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Extra resources for A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity

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Even though the meaning of the term “posted price” has not changed since its emergence in the 1950s, its essential characteristic, as a mechanism in determination of the oil rents, has nevertheless evolved. This change is associated with the gradual increase in the level of socialization of production, the internationalization of capital, and the development of full-fledged capitalist relations globally. One of the significant events during the posttransitional period was the emergence of spot markets in crude oil that initially aided the Iranian, Nigerian, and Libyan governments to receive unprecedented bids of $17 to $24 per barrel during the month of December 1973 (Penrose 1975: 51).

On the other hand, an increase in the exploration costs (per barrel) was only 8 percent, insignificant by comparison. By comparison to the period of 1966–70, this alone led to more than a tripling of cost (per barrel) during the 1971–74 period (see Bina 1985: 74–75, Tables 14–15). This picture is also contrary to the mainstream economic theory that relies (as David Ricardo did) on the extension to marginal lands or oil fields (see next chapter for further details). Thus, a comparison of the changes that had taken place during the period of 1971–74 with the changes in the average costs associated with the periods of 1966–71 and 1972–75 demonstrates that there was a significant increase in the development costs and total costs per barrel in the latter period.

The first section is a critical review of the literature on the oil crisis. The second section examines the characteristic features of US oil production. The third section presents an alternative theory of the oil crisis. The chapter concludes with a summation and setting the crisis within a larger polity. The Review of Literature The oil crisis of 1973–74 was an important economic and political event that has been embroiled in controversy ever since. At first glance, because of the diversity of opinions and the number of unsettled questions, there seem to be as many theories about the oil crisis as there are theorists in this field of inquiry.

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A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity by Cyrus Bina (auth.)

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