Ryan C. Smith, an economic researcher with a Ph.D. in Economic and Social History, explores the dramatic impact of oil on global finance. He discusses how the 1973 OPEC Oil Embargo and subsequent crises facilitated the rise of modern financialization. The conversation highlights shifts in wealth from industrialized nations to OPEC, creating a new debt cycle and altering financial practices. Smith also touches on the future of renewable energy and its potential to reshape finance and capitalism, showcasing the intricate connection between oil, money, and geopolitical dynamics.
