
Adam Hanieh, "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market" (Verso, 2024)
New Books in Economics
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Oil Prices and Global Power Shifts
This chapter explores the profound effects of the mid-1980s oil price collapse on global politics, particularly its influence on the decline of the Soviet Union amidst the Cold War. It examines how the Soviet's dependence on oil exports contributed to its economic vulnerabilities, leading to significant domestic unrest and an eventual loss of control over Eastern Europe. Additionally, the chapter discusses the evolution of the global oil sector, the rise of nationalized companies, and the implications for future oil trade dynamics and currency shifts.
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