Spikes and Shocks

The Financialisation of the Oil Market from 1980 to the Present Day

Business & Finance, Economics, Economic History, Finance & Investing, Finance
Cover of the book Spikes and Shocks by Angelos Gkanoutas-Leventis, Palgrave Macmillan UK
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Author: Angelos Gkanoutas-Leventis ISBN: 9781137594617
Publisher: Palgrave Macmillan UK Publication: December 20, 2016
Imprint: Palgrave Macmillan Language: English
Author: Angelos Gkanoutas-Leventis
ISBN: 9781137594617
Publisher: Palgrave Macmillan UK
Publication: December 20, 2016
Imprint: Palgrave Macmillan
Language: English

This book proposes that price volatility and speculation in the oil market originate from a decades-long process of financialisation. The author challenges mainstream critical accounts of the market that typically invoke the notion of a global oil shortage and so-called ‘peak oil’ arguments. Instead, he argues that the development of the market has been punctuated by recurring oil price shocks. Chapters examine the evolution of the international oil market and investigate how, and to what effect, the process of financialisation has transformed the structure and dynamics of the global oil market from 1980 to the present day.  In doing so, the book suggests that the process of financialisation is both the cause and the proof of a profound change in the structure of the global oil market, that has turned the triangle of producers, consumers, and mediators that characterised the oil market until the 1980s into a four-tier structure through the addition of financial actors.

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This book proposes that price volatility and speculation in the oil market originate from a decades-long process of financialisation. The author challenges mainstream critical accounts of the market that typically invoke the notion of a global oil shortage and so-called ‘peak oil’ arguments. Instead, he argues that the development of the market has been punctuated by recurring oil price shocks. Chapters examine the evolution of the international oil market and investigate how, and to what effect, the process of financialisation has transformed the structure and dynamics of the global oil market from 1980 to the present day.  In doing so, the book suggests that the process of financialisation is both the cause and the proof of a profound change in the structure of the global oil market, that has turned the triangle of producers, consumers, and mediators that characterised the oil market until the 1980s into a four-tier structure through the addition of financial actors.

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