By Cyrus Bina (auth.)
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Additional info for A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity
The major significance of “posted price” is in its usage in the calculation of oil rents (royalties) since the 1950s (Cattan 1967a; Bina 1985, Ch. 5). After the replacement of the early oil concessions by the new method of 50–50 profit sharing, the “posted price” was used to determine the share of the oil revenues due to the oil-exporting governments. Historically, this represented a further step in the development of modern oil rent in the Middle Eastern oil industry. Although the “posted price” does not function as a price in an ordinary sense, it nevertheless has been constituted as a variable basis for the determination of oil rents since the transition from the era of early concessions.
It is not surprising that the dependency view considers the oil crisis as an offensive against unequal exchange. ” And setting up the problem this way, the dependency theorists missed the boat on the globalization of oil and, more importantly, on globalization in general in the era of postPax Americana. These writers have scarcely recognized that prices are the phenomenal form of values in production and that value formation emerges through competition. 4 Discussing the notion of competition, these theorists tend to equate the existence of a large number of firms in an industry with competition, and that of a very few firms with monopoly—thus succumbing to economics orthodoxy.
As is demonstrated throughout this book, and despite the frequent allusions to Marx’s in Hanieh (2011), such a deduction is a product, that is an exact copy, of an inapt rightwing theory with respect to oil (and global relations). Wor l d O i l a n d t h e C r i s i s of G l ob a l i z a t ion 25 Conspiracy View of the Oil Crisis The conspiracy view of the oil crisis was based on the idea that the US government, in collaboration with the international oil companies and OPEC, deliberately brought on the oil crisis of 1973–74.
A Prelude to the Foundation of Political Economy: Oil, War, and Global Polity by Cyrus Bina (auth.)