Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

A Prelude to the Foundation of Political EconomyThe Globalization of Oil

A Prelude to the Foundation of Political Economy: The Globalization of Oil [In recent memory, it does not seem an overstatement to say that no commodity has been more frequently on the public’s mind than oil. Yet oil appears to have remained enigmatic, if not ethereal, beyond the grasp of either the amateur or, for that matter, the self-styled expert. This mystical appeal could be attributable to the not-so-distant colonial history of petroleum that is still causing intrigue and captivating the public’s imagination as the old collective memories are triggered by frequent, related events. But there might be another reason that is more intricate, more counterintuitive and consequently prone to misperception; and that is the complexities surrounding the interaction of capital and the landed property (in subsoil) in its truly modern and fascinating manifestation—the query of oil rent. Hence, the flimsy and fragmented view of oil, stripped not only of its complexity but of its authenticity and evolutionary history, also adds to all this mysticism. This lack of unprejudiced perspective is precipitated also by mainstream economic theory in its doctrinaire and irredeemable manifolds; in politics and social and ideological arenas; in public funding and public policy; and in the active lobbying and media coverage it receives. Thus public perception cannot be but held hostage. Sadly, the sweeps of captivity have not left too many stones unturned: left-leaning activists and intellectuals travel on the same route. Why should then oil be without mystery?] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Prelude to the Foundation of Political EconomyThe Globalization of Oil

Part of the The Economics of the Middle East Book Series
Bina, Cyrus
Springer Journals — Oct 13, 2015
Download PDF
31 pages

Loading next page...
 
/lp/springer-journals/a-prelude-to-the-foundation-of-political-economy-the-globalization-of-zd7kdvrr8s
Publisher
Palgrave Macmillan US
Copyright
© Palgrave Macmillan, a division of Nature America Inc. 2013
ISBN
978-1-349-29671-2
Pages
97 –128
DOI
10.1057/9781137106971_5
Publisher site
See Chapter on Publisher Site

Abstract

[In recent memory, it does not seem an overstatement to say that no commodity has been more frequently on the public’s mind than oil. Yet oil appears to have remained enigmatic, if not ethereal, beyond the grasp of either the amateur or, for that matter, the self-styled expert. This mystical appeal could be attributable to the not-so-distant colonial history of petroleum that is still causing intrigue and captivating the public’s imagination as the old collective memories are triggered by frequent, related events. But there might be another reason that is more intricate, more counterintuitive and consequently prone to misperception; and that is the complexities surrounding the interaction of capital and the landed property (in subsoil) in its truly modern and fascinating manifestation—the query of oil rent. Hence, the flimsy and fragmented view of oil, stripped not only of its complexity but of its authenticity and evolutionary history, also adds to all this mysticism. This lack of unprejudiced perspective is precipitated also by mainstream economic theory in its doctrinaire and irredeemable manifolds; in politics and social and ideological arenas; in public funding and public policy; and in the active lobbying and media coverage it receives. Thus public perception cannot be but held hostage. Sadly, the sweeps of captivity have not left too many stones unturned: left-leaning activists and intellectuals travel on the same route. Why should then oil be without mystery?]

Published: Oct 13, 2015

Keywords: Spot Market; Monopoly Rent; Capitalist Social Relation; Differential Rent; Arctic National Wildlife Refuge

There are no references for this article.