Oil and the Western Economic CrisisThis book explains the place of oil in the economic and political predicaments that now confront the West. Thompson explains the problems that the rising cost of oil posed in the years leading up to the 2008 crash, and the difficulties that a volatile oil market now poses to economic recovery under the conditions of high debt, low growth and quantitative easing. The author argues that the 'Gordian knot' created by the economic and political dynamics of supply and demand oil in the present international economy poses a fundamental challenge to the assumption of economic progress embedded in Western democratic expectations. |
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Contents
| 1 | |
2 The Spectres of Peak Conventional Oil and Stagflation | 9 |
The Rise of Nonconventional Oil and Quantitative Easing | 47 |
4 Revisiting the 1970s | 93 |
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Common terms and phrases
Accessed 17 October American asset Bank of England cent China consequences consumer context conventional oil production crash created crude oil currency dollar ECB’s economic and political effect euro zone European fall fallout Fed’s Federal Open Market fell financial markets FOMC geo-political growth high oil prices high prices increase inflation inflationary pressure interest rates International Iran Iranian Iraq Jean-Claude Trichet June Lucas Papademos macro-economic Meanwhile Middle East million bpd Monetary Policy Committee months non-conventional oil non-conventional oil production Nonetheless oil and gas oil consumption oil imports oil markets OPEC Open Market Committee output peak Petroleum predicament price of oil problems QE and ZIRP quantitative easing quarter of 2008 recession Reuters rise in oil rising oil prices risk Russia sanctions Saudi Arabia Saudi government second quarter September shale boom shale production significant target Trichet Western Economic Crisis western economies Whilst World Energy Outlook
Bibliographic information
| Title | Oil and the Western Economic Crisis Building a Sustainable Political Economy: SPERI Research & Policy |
| Author | Helen Thompson |
| Publisher | Springer, 2017 |
| ISBN | 3319525093, 9783319525099 |
| Length | 118 pages |
| Subjects | › › Business & Economics / Economics / Macroeconomics Business & Economics / Production & Operations Management Business & Economics / Purchasing & Buying Political Science / American Government / General Political Science / General Political Science / Political Economy Political Science / Public Policy / Economic Policy Technology & Engineering / Power Resources / Fossil Fuels |
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