Still About Oil?

Still About Oil?
Bichler, Shimshon and Nitzan, Jonathan. (2014). Working Papers on Capital as Power. No. 2014/04. November. pp. 1-32. (Article - Working Paper; English).


There is a more recent version of this eprint available. Click here to view it.

Full Text Available As:
Cover Image

Download (8kB) | Preview
PDF (Full Text)

Download (1MB) | Preview
[img] HTML (Full Text)

Download (327kB)
[img] Other (Excel data for the figures)

Download (100kB)

Abstract or Brief Description

During the late 1980s and early 1990s, we identified a new Middle East phenomenon that we called 'energy conflicts' and argued that these conflicts were intimately linked with the global processes of capital accumulation. This paper outlines the theoretical framework we have developed over the years and brings our empirical research up to date. It shows that the key stylized patterns we discovered more than twenty years ago – along with other regularities we have uncovered since then – remain pretty much unchanged: (1) conflict in the region continues to correlate tightly with the differential profits of the Weapondollar-Petrodollar Coalition, particularly the oil companies; (2) dominant capital continues to depend on stagflation to substitute for declining corporate amalgamation; and (3) capitalists the world over now need inflation to offset the spectre of debt deflation. The convergence of these interests bodes ill for the Middle East and beyond: all of these groups stand to benefit from higher oil prices, and oil prices rarely if ever rise without there being an energy conflict in the Middle East.



Publication Type

Article - Working Paper


crisis differential accumulation energy conflicts Middle East Petro-Core


BN War & Peace
BN Conflict & Violence
BN State & Government
BN Region - Middle East
BN Distribution
BN Agency
BN Power
BN Region - North America
BN Business Enterprise
BN Capital & Accumulation
BN Crisis

Depositing User

Jonathan Nitzan

Date Deposited

11 Dec 2014

Last Modified

09 Feb 2021 23:15


Available Versions of this Item

Actions (login required)

View Item View Item