New Books in Critical Theory cover image

Adam Hanieh, "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market" (Verso, 2024)

New Books in Critical Theory

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The Petrochemical Revolution and Global Dynamics

This chapter examines the petrochemical revolution's impact on the oil industry and the global economy post-World War II, highlighting the transition to synthetic products and the invisibility of oil's influence in daily life. It discusses the historical control of oil prices by Western companies, the emergence of OPEC, and the significance of petrodollars in global finance, particularly in relation to the US dollar. The chapter critiques the narratives surrounding petrochemicals and their role in modern retail dynamics, urging a reevaluation of their significance amidst climate change and economic challenges.

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