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Understanding Money and Finance

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

The emergence of the petrocapital cycle during the 1970s was a development which relied on multiple historical contingencies to come about which include, but are not limited to, changes in how money was created, financialization, and the Great Inflation of the 1970s. Each of these developments were essential components and consequences of the new petrocapital cycle. There are many competing arguments and explanations for each of these phenomena and unraveling what they suggest is necessary for explaining why and how the petrocapital recycling processes of the 1970s facilitated the transformation of the global capitalist economy. The explanations for money creation and privatization, financialization, and inflation will each be addressed in detail in this chapter along with how they are insufficient in fully explaining this period.

Suggested Citation

  • Ryan C. Smith, 2022. "Understanding Money and Finance," Springer Books, in: The Real Oil Shock, chapter 0, pages 7-24, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_2
    DOI: 10.1007/978-3-031-07131-7_2
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