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Revolution and Oil Shock

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

As has been demonstrated in the previous chapters, petrocapital played a critical role in forging the modern international financial system. Nothing better reinforces this than answering the logical follow-up question: what happened to markets when 1973 to 1982 petrocapital cycle dried up? If petrocapital was incidental compared to the contradictions of state intervention and the falling rate of profit then any cessation of these funds would have minimal impact on the marketplace. If, however, petrocapital was as critical to the soon-to-be neoliberal capitalist order as this book argues then any serious disruption of these funds would suggest negative, potentially disastrous consequences for financial markets.

Suggested Citation

  • Ryan C. Smith, 2022. "Revolution and Oil Shock," Springer Books, in: The Real Oil Shock, chapter 0, pages 169-197, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_9
    DOI: 10.1007/978-3-031-07131-7_9
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    Cited by:

    1. Aysan, Ahmet Faruk & Bakkar, Yassine & Ul-Durar, Shajara & Kayani, Umar Nawaz, 2023. "Natural resources governance and conflicts: Retrospective analysis," Resources Policy, Elsevier, vol. 85(PA).

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