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The Disciplinary Perspectives

In: The International Oil Industry

Author

Listed:
  • Judith Rees

    (London School of Economics)

  • Peter R. Odell

    (London School of Economics
    Erasmus University)

Abstract

In this chapter an attempt will be made to draw together the threads in the debate by considering the issues raised from the disciplinary perspectives represented at the seminar series. We begin with an economic viewpoint. The marked recent decline in oil prices and the evident disunity of OPEC has naturally led to much discussion of the ‘reassertion’ of the ‘logic of the market’. However, certain care must be taken when the rules for market logic are derived from models of the world economy which assume economic rationality, perfect competition and free markets. Neither individual consumers, industries or financial corporations nor, importantly, their governments, necessarily adhere to the objectives or behavioural norms implied by economic rationality. As Professor Desai himself points out in the messy political economy of the real world oil market ‘economics alone is not enough’

Suggested Citation

  • Judith Rees & Peter R. Odell, 1987. "The Disciplinary Perspectives," Palgrave Macmillan Books, in: Judith Rees & Peter R. Odell (ed.), The International Oil Industry, chapter 10, pages 129-170, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09340-3_10
    DOI: 10.1007/978-1-349-09340-3_10
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