New Books in Critical Theory
Adam Hanieh, "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market" (Verso, 2024)
Nov 2, 2024
Adam Hanieh, a scholar of political economy and global development, dives into the pivotal role of oil in shaping the world market. He discusses the corporate power that influences oil pricing, distribution, and geopolitical dynamics, especially in the Middle East post-World War II. Hanieh critiques simplistic views of oil's impact on climate change and economic crises, and he examines revolutionary movements tied to the oil industry in Saudi Arabia and Iran. The conversation also highlights the shift towards the petrochemical economy and the ongoing significance of 'petrodollars' in global finance.
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Quick takeaways
- Oil's integral role in modern life extends beyond fuel to include agriculture and consumer goods, illustrating its pervasive economic impact.
- The geopolitical dynamics of oil have evolved from World War II, revealing a deep connection between military needs and fossil fuel consumption.
Deep dives
The Role of Oil in the Global Economy
Oil has become an indispensable commodity, integral not only as a fuel source but also in the production of various goods essential to modern life. It fuels our transportation, contributes to agricultural fertilizers, and is a primary material in plastics. The historical ascent of oil as the leading fossil fuel is traced to its strategic importance in global economics, particularly since the mid-20th century. By analyzing the interplay between oil, corporate power, and geopolitical trends, the discussion reveals that oil's significance is often deeply intertwined with our capitalist systems.
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