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Conclusion

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

Processing petrocapital transformed global finance and economics in ways just as substantial as the structural changes brought by Spanish gold doubloons to early modern Europe. Central to these developments were the new debt cycle born from petrocapital processing and the near-total freedom enjoyed by financial actors for handling it, placing them at the center of global wealth distribution. This provided private finance with substantial quantities of assets and significant demand for reliable credit, creating new avenues for private sector actors to extend debt for use as money.

Suggested Citation

  • Ryan C. Smith, 2022. "Conclusion," Springer Books, in: The Real Oil Shock, chapter 0, pages 217-221, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_11
    DOI: 10.1007/978-3-031-07131-7_11
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