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A prelude to the foundation of political economy oil, war, and global polity (the economics of the middle east)

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T HE ECONOMICS OF THE M IDDLE EAST Series Editor: Dr Nora Ann Colton The Middle East has seen much more economic change than sociopolitical change over the past few decades in spite of the continuous political instability that is often highlighted by the press Collectively the region is best known for producing and exporting oil While the oil industry significantly impacts the region by generating wealth and movement of labor, it has also become the agent of change for endeavors such as development and diversification With higher rates of growth occurring more in the East than the West, the Middle East sits on the crossroads of this divide acting as a bridge between these two market places This series is dedicated to highlighting the challenges and opportunities that lie within and around this central region of the global economy It will be divided into four broad areas: resource management (covering topics such as oil prices and stock markets, history of oil in the region; water; labor migration; remittances in the region), international trade and finance (covering topics such as role of foreign direct investment in the region; Islamic banking; exchange rate and investments), growth and development (covering topics such as social inequities; knowledge creation; growth in emerging markets), and lastly demographic change (covering topics such as population change, women in the labor market, poverty and militancy) Dr Nora Ann Colton is Principal Lecturer in International Business and Management as well as a Middle East Expert at the Royal Docks Business School, University of East London Prior to joining the University of East London, Dr Colton was a Professor of Economics and Business at Drew University as well as the Director of Middle East Studies Dr Colton has conducted extensive fieldwork in the Middle East and was a Carnegie Scholar in 2009 and Visiting Professor of Economics at the American University of Beirut Editorial Advisory Board Karen Pfeifer – Professor Emerita of Economics, Smith College Ghassan Dibeh – Professor of Economics, Lebanese American University; Editor, Review of Middle East Economics and Finance Roger Owen – A J Meyer Professor of Middle East History, Harvard University Serdar Sayan – Professor of Economics, Director, Graduate School for Social Science, Tobb University of Economics and Technology, Turkey Islamic Banking and Finance By Omar Masood The Global Economic Crisis and Consequences for Development Strategy in Dubai Edited by Ali Tawfik Al Sadik and Ibrahim Ahmed Elbadawi Land Ownership Inequality and Rural Factor Markets in Turkey By Fatma Gül Ünal Expats and the Labor Force By George Naufal and Ismail Genc A Prelude to the Foundation of Political Economy By Cyrus Bina Other Books By Cyrus Bina The Economics of the Oil Crisis Modern Capitalism and Islamic Ideology in Iran (coeditor) Beyond Survival: Wage Labor in the Late Twentieth Century (coeditor) Oil: A Time Machine Alternative Theories of Competition: Challenges to the Orthodoxy (coeditor) A P r e lu de t o t h e Fou n dat ion of Pol i t ic a l E c onom y Oi l , Wa r, a n d Gl ob a l Pol i t y C y r u s B in a A PRELUDE TO THE FOUNDATION OF POLITICAL ECONOMY Copyright © Cyrus Bina, 2013 Softcover reprint of the hardcover 1st edition 2013 978-0-230-11561-3 All rights reserved First published in 2013 by PALGRAVE MACMILLAN® in the United States—a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010 Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries ISBN 978-1-349-29671-2 ISBN 978-1-137-10697-1 (eBook) DOI 10.1057/9781137106971 Library of Congress Cataloging-in-Publication Data Bina, Cyrus, 1946– A prelude to the foundation of political economy : oil, war, and global polity / Cyrus Bina pages cm.—(The economics of the Middle East) Includes bibliographical references Petroleum industry and trade Power resources Globalization I Title HD9560.5.B477 2013 327.1—dc23 2012032613 A catalogue record of the book is available from the British Library Design by Newgen Imaging Systems (P) Ltd., Chennai, India First edition: February 2013 10 Transferred to Digital Printing in 2013 FOR ALL KNOWING SOUSAN —Affectionately I have seen tempests, when the scolding winds Have rived the knotty oak, and I have seen The ambitious ocean swell and rage and foam, To be exalted with the threatening clouds; But never till to-night, never till now Did I go through a tempest dropping fire Either there is a civil strife in heaven, Or else the world too saucy with the gods Incenses them to send destruction —William Shakespeare Julius Caesar (Act I, Scene 3) C on t e n t s Note on Sources ix Acknowledgments xi Introduction 1 World Oil and the Crisis of Globalization 17 World of Modern Petroleum and the Oil Rent 45 OPEC: Beyond Political Battering and Economic Romanticism 75 The Globalization of Oil 97 Oil and Capital: “Logic” of History and “Logic” of Territory 129 The Globalization of Energy 159 War, Oil, and Conundrum of Hegemony 175 Notes 201 Bibliography 219 Index 237 No t e on S ou rc e s With respect to published materials, although the author (Cyrus Bina) is copyright holder of the following work, with expressed permission of the publishers, the inventory of sources used (either wholly or in part) in this volume is as follows: “Internationalization of the Oil Industry: Simple Oil Shocks or Structural Crisis?” Review: Journal of Fernand Braudel Center 11 (3), 1988, by The Fernand Braudel Center at Binghamton University, Binghamton, New York; “Some Controversies in the Development of Rent Theory: The Nature of Oil Rent,” Capital & Class 39, 1989, by Sage Publishers, Thousand Oaks, California; “Limits to OPEC Pricing: OPEC Profits and the Nature of Global Oil Accumulation,” OPEC Review 14 (1), 1990, by Wiley, UK; “Oil, Japan, and Globalization,” Challenge: A Magazine of Economic Affairs, Challenge: The Magazine of Economic Affairs 37 (3), 1994 and “The Globalization of Oil: A Prelude to a Critical Political Economy,” International Journal of Political Economy 35 (2), 2006, by M E Sharpe, Armonk, New York; “OPEC in the Epoch of Globalization: An Event Study of Global Oil Prices,” Global Economy Journal (1), 2007, by Berkeley Electronic Press, California; “Competition, Control and Price Formation in the International Energy Industry,” Energy Economics 11 (3), 1989, by Elsevier, New York; “War over Access to Cheap Oil or the Reassertion of U.S Global Hegemony,” Mobilizing Democracy: Changing the U.S Role in the Middle East (1991), Managing Editor of Common Courage Press, Monroe, Maine; 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Nation October 28 Walden, J L (1962) “The International Petroleum Cartel in Iran—Private Power and Public Interest.” Journal of Public Law (11): 3–60 Wallerstein, I (1979) The Capitalist World-Economy Cambridge: Cambridge University Press ——— (2002) “The Eagle Has Crash Landed.” Foreign Policy, July/August: http://www.foreignpolicy.com/issue_julyaug_2002/ wallerstein.ht Weeks, J (1981a) Capital and Exploitation Princeton, NJ: Princeton University Press ——— (1981b) “The Differences between Materialist Theory and Dependency Theory and Why They Matter.” Latin American Perspectives (3–4): 118–23 236 Bi bl io gr a p h y Weeks, J (1983) “On the Issue of Capitalist Circulation and the Concepts Appropriate to Its Analysis.” Science & Society 47 (2): 214–25 Weeks, J (2011) Capital, Exploitation and Economic Crisis London: Routledge ——— (2013) “The Fallacy of Competition.” In J Moudud, C Bina, and P Mason (eds.), Alternative Theories of Competition: Challenges to the Orthodoxy, 13–26 London: Routledge Wessel, R H (1967) “A Note on Economic Rent.” American Economic Review 57 West, Sir Edward (1815) “Essay on the Application of Capital to Land.” Reprinted in J H Hollander (ed.), A Reprint of Economic Tracts (1903) Baltimore, MD: Johns Hopkins Press White House (2001) Report of the National Energy Policy Development Group Washington, DC: Government Printing Office, May ——— (2002) The National Security Strategy of the United States of America Washington, DC: Government Printing Office, September 17 Willoughby, John (1986) Capitalist Imperialism: Crisis and the State New York: Harwood Academic Publishers Wilson, T (1979) “The Price of Oil: A Case of Negative Marginal Revenue.” Journal of Industrial Economics 27 (4) Woodward, Bob (2004) Plan of Attack New York: Simon & Schuster Wyant, Frank R (1979) The United States, OPEC, and Multinational Oil Lexington, MA: D.C Heath Yamani, A Z (1969) “Participation Versus Nationalization: A Better Means to Survive.” Middle East Economic Survey 12: June 13 Yergin, Daniel (1991) The Prize: The Epic Quest for Oil, Money, and Power New York: Simon & Schuster ——— (2011) The Quest: Energy, Security, and the Remaking of the Modern World New York: Penguin Zangeneh, H., ed (1994) Islam, Iran, and World Stability New York: St Martin’s Zoninsein, Jonas (1990) Monopoly Capital Theory: Hilferding and TwentiethCentury Capitalism New York: Greenwood Press I n de x 50–50 profit-sharing, 39, 71, 83, 87, 89–91, 104–5 Aaronson, Trevor, absolute rent (AR), 63, 113–14, 118–20, 171–74, 207, 212 Achnacarry Agreement, 43, 75–77, 83, 88–89, 100–1, 104, 107–10, 126, 139, 150–52, 206 see also As-Is Agreement Adelman, M.A., 81–84, 89, 96 Akins, James, 18 Alaska, 14–15, 29, 98, 128, 182 Alfonso, J.P Perez, 76, 91, 104–5 Algeria, 6, 79–80 Althusser, L., 148–49, 216 Amin, Samir, 22 Anderson, Jack, 25, 27 Anderson, James, 47, 203 Anglo-Iranian Oil Company (AIOC), 65, 83, 105, 111–12, 151 ANWR see Alaska Aperjis, D., 81 AR AMCO, 79 Arrighi, Giovanni, 147 As-Is Agreement, 77, 99, 101, 107, 151, 180, 206 see also Achnacarry Agreement Ball, G.W., 109 Baran, Paul, 140, 147 Barrow, John, 135 basing-point pricing, 17, 85, 89–91, 95, 102–4, 151–52 Beinart, P., 183 Benton, Ted, 149 Bichler, S., 26, 207–8 Blake, K., 106 Blitzer, C., 81 Blix, Hans, 197 Bobrow, D., 87 Bocock, Robert, 194 Brenner, Lenni, 183 Brenner, Robert, 22 Bretton Woods, 2, 186, 193 Bromley, Simon, 12, 126 Brown, G., 60 Brown, H.G., 47 Bryan, Dick, 57–59 Bukharin, Nikolai Ivanovich, 141, 144 Bush, George H.W., 175, 181 Bush, George W., 123, 177, 182–85, 195–99, 210, 217 Callinicos, Alex, 149 capital, oil and imperialism and, 140–44 Lenin and, 133–40 methodology of study, 130–33 orthodoxy and euthanasia of capitalist competition, 144–49 overview, 129–30 security and, 150–56 Carter, Jimmy, 2, 111 Cattan, H., 37, 39, 70–72, 88, 94 Central Intelligence Agency (CIA), 37, 65, 78, 106, 151, 181, 194, 197 238 I n de x Chapman, D., 168 cheap labor, 167 Cheney, Dick, 123, 177, 182–84, 195, 197–200, 210 Chevalier, J.M., 61–63, 203, 212 Churchill, Winston, 106 Clark, J.B., 59, 136 Clark, J.M., 90 Clifton, J., 23, 41 commodity energy, 161–66, 167, 170–71, 173 competition capital and, 4, 12, 23–24, 99, 122, 126, 131, 157–58, 164, 168 decartelization of oil and, 91–92, 157 globalization and, 8, 17–18, 31, 68, 72, 74, 103, 107, 127, 180 inter-industry, 85, 114, 120, 159, 163, 165, 171, 174 intra-industry, 68, 85, 121, 163–65, 168, 171, 174 IPC and, 152–53 Marxian theory of, 116–18, 135–49, 161, 164, 173 monopoly and, 41–42 neoclassical theory of, 62–63, 76 oil rents and, 14, 38, 46–47, 55, 57, 70, 112, 178 OPEC and, 15, 70, 76–78, 80–87, 96, 125, 155 orthodoxy and, 144–49 price and, 23–24, 70, 184 production and, 38 concentration and centralization of capital, 4, 11, 23, 41–42, 80, 99, 116, 131, 142, 145, 157, 163, 167–70, 204, 209, 213 Cremer, J., 81 Dasgupta, P.S., 20–21, 83 Davenport, E.R., 224 De Chazeau, M.G., 87 DeNovo, J., 84 Devarajan, S., 60 differential rents DR I, 55, 68, 117, 121 DR II, 55, 68, 117–18, 121 Drezner, D.W., 11 Dulles, John Foster, 106 Eichenwald, K., 183 Elm, M., 105 Elwell-Sutton, L.P., 90, 105 Emmanuel, Arghiri, 22 empire/imperial fetish, 140–44 energy independence, 9, 14–15, 127, 178–79, 184 Engler, R., 84, 87, 150 Ezzati, A., 81 Fine, Ben, 42, 47, 55, 59–60, 62–64, 112, 114, 117–18, 124–25, 133, 147, 162–63, 166–67, 187–88 Fischer, D.D., 81, 84 Fitch, B., 63–64 Ford, A.W., 71 Ford, Gerald, Foster, E., 60 fracking, 15 Frank, A G 1969, 22 Frank, H J 1966, 89 Frankfurt, Harry G., 75 Fraser, William, 105 Fukuyama, F., Gasiorowski, M., 106 Gately, Dermot, 81, 84, 87 George, Henry, 47 Gindin, S., 133, 135–36 Girvan, Norman, 22, 24 Glaspie, April, 183 globalization of energy centralization of capital and regulation, 167–70 “commodity energy” and formation of energy industry, 161–66 oil rent and, 170–73 overview, 159–61 I n de x technical change and composition of capital, 166–67 globalization of oil industry development of oil production, 100–12 overview, 97–99 Gramsci, Antonio, 3, 129, 188–89, 193–94, 216 Gray, L.C., 52, 83 Greene, B.R., 82 Greider, W., 25 Griffin, J.M., 87 ground rent, 46–47, 49–50, 52, 113, 119, 172, 205, 207 Halliburton, 200 Hanieh, A., 24 Harcourt, G.C., 162 Harkinson, J., 15 Hartshorn, J.E., 92 Harvey, David, 115–16, 119–20, 145–47, 149, 173, 203, 211 Heal, G., 20–21, 81 hegemony, 3, 9–13, 78, 124, 126, 135, 140–41, 151, 155, 156, 176–80, 183, 187–200 Heinrich, Michael, 132–33 Hidy, R.W., 85 Hilferding, R., 140, 149, 157 Hirst, D., 92 Hnyilicza, E., 81 Hobson, J.A., 59, 112, 131, 136, 139–40, 142 Hotelling, H., 52, 83, 207 Hussein, Saddam, 32, 41, 79, 82, 178–79, 183, 196–98 Hyde, James, 65, 107 imperialism capitalism and, 8, 119, 129–31, 147–49, 153 decartelization and, 2, globalization of oil and, 12–13, 98, 103 Lenin and, 8, 133–40, 145, 156–58 239 modern era and, 140–44 monopoly and, 173–74 oil crisis of 1973–74 and, 22, 24 Pax Americana and, 2, 177 integration, 23, 27, 46, 69–70, 72, 87, 91–92, 109, 116, 159, 204 intensive margin, International Energy Agency (IEA), 110, 155–56 International Monetary Fund (IMF), 156, 193, 206 International Petroleum Cartel (IPC) capital and, 138–39, 141, 150–53, 156–57 globalization and, 17, 21, 23, 31, 43, 100, 104–7, 109–11, 122, 127 nationalization of oil and, oil rent and, 65–66 OPEC and, 75–79, 83–84, 86, 88–92, 94–95 U.S and, 11–13 war and, 180–81 Interstate Compact Commission, 85, 87 Iran AIOC and, 65, 83, 111–12 CIA coup d’état in, 106, 151, 154 globalization and, 41, 43 IPC and, 106, 122 Iraq and, 32, 178, 196–97 Islam and, 195 Mossadegh and, 78, 192 nationalization of oil, 17, 37, 78, 88, 90, 104 oil prices and, 39, 82, 153 oil rent and, 66 OPEC and, 76, 78–80, 153 Revolution, 82 Saudi Arabia and, 41 Shah and, 7, 106, 108, 111, 122 U.S and, 65, 79, 83, 111–12, 123, 156, 190 see also Anglo-Iranian Oil Company 240 I n de x Iraq, 6, 12, 32, 76, 79–80, 82–83, 88, 90, 98, 122, 124, 128, 153, 175–79, 181–86, 190, 196–98, 200 Ise, J., 84 Islam, 195 Israel, 18, 40, 78, 153–54, 183, 210 Issawi, C.P., 89 Jabotinsky, Vladimir, 183Jacoby, N.H., 84 Johany, A.D., 82–83 Kalecki, M., 140 Keynes, John M., 133, 140, 203 Keysen, C., 85, 87, 90 Khrushchev, Nikita, 152 Kincaid, J., 133 King Faisal (Saudi Arabia), 156 Kinzer, Stephen, 106 Kissinger, Henry, 7, 111 Klare, Michael, 98, 184–85 Kolko, Gabriel, 175 Kolm, Serge-Christophe, 33 Kramer, Andrew, 80 Krapels, Edward N., 214 Krueger, A., 60 Krueger, R.B., 84 Krugman, Paul, 186 Kuwait, 43, 76, 79–80, 82, 122, 153, 183 landed property capital and oil, 131–33, 143, 155 globalization and, 97–99, 101–3, 111–18, 120–21, 127, 171–72 land as capital vs., 114–18 nationalization of oil and, oil leases and, 35 oil rent and, 45–49, 51, 53, 56–59, 63–65, 67, 73 OPEC and, 93–94 petroleum production and, 38, 45 rent, 112–14 transformation of oil and, 13 war and, 184, 187 see also valorization Lao Tzu, Leeman, W., 89 Lenczowski, George, 19 Lenin, Vladimir, 8, 130–31, 133–45, 148, 156–57 Libya, 6, 39, 79–80, 122 Lowinger, T.C., 90 Luxemburg, Rosa, 136, 140, 211 Mabro, Robert, 82, 205 MacAvoy, P.W., 82–83 Malthus, T.R., 14, 47, 54, 128, 140, 184 Malthusian scarcity, 128, 184–85 Mandel, Ernest, 119, 162 margin of cultivation, 48, 56, 63–64 Marginalist school, 47, 64, 73, 112 Marks, A., 15 Marshall, Alfred, 48–50, 60, 62, 73 Marshall Plan, 71, 89, 193 Marx, Karl abstraction and, 99 capitalism and, 94, 129–33, 145–49, 157, 166–67 Chevalier and, 61–62 competition and, 133–39, 142 Fitch and, 63–64 Hanieh and, 24 labor and, 163–64, 168, 190 Lenin and, 133–39 price and, 162 production and, 7–8 Ricardo and, 68 rent theory, 46–47, 50–59, 64, 72–73, 121, 170–74, 187 value theory, 8, 42, 112–19, 161 war and, 180–81 Massarrat, M., 162, 168–72, 174, 212 McCarthyism, 3, 192 McDonald, Stephen L., 67 McGhee, George C., 105 McKie, James, 19 I n de x Mead, W.J., 82–83 Mearsheimer, J.J., 183 Medina Angarita, Isaías, 104 Mikdashi, Z., 37, 71–72, 89, 91, 104 Milios, J., 147–49 Miller, E., 34, 60, 66–67, 93 Minard, L., 39, 86, 92 Mommer, B., 207 monopoly commodity energy and, 161 competition and, 23–24, 41–42, 84, 142, 144–47, 158 hegemony and, 126 imperialism and, 140–42, 149 Lenin and, 135–40 Marx and, 58–59, 171, 174, 187 Massarrat and, 172 natural monopoly, 172–74 nature and, 51–52 neoclassical theory of, 37 Nore and, 173 oil crisis of 1973–74 and, 18 OPEC and, 11–12, 19, 21–22, 25, 75–76, 80–81, 178, 180 political view of, 5, 198 power, 23 price and, 13, 37 rent and, 46–48, 58–59, 61–62, 74, 112, 114–20 security and, 13 U.S and, 14–15, 103 monopoly rents, 61, 114, 119–20, 171–72, 204 Mossadegh, Mohammad, 17, 65, 78, 105–6, 151, 154, 192 Moudud, Jamee, 62, 138–39 Murray, Robin, 118–19 mutuality, 15, 45–46, 57, 59, 115, 145, 183, 191, 198 NATO (North Atlantic Treaty Organization), 156, 177, 206 natural gas, 15, 33, 68, 101, 159–61, 163–65, 169–70 “natural laws” (Ricardo), 48, 53, 136 241 natural resources ANWR and, 182 capital of land and, 57, 121 colonialism and, 193 conservation of, 21 exhaustible, 52–53, 67, 73–74, 81, 83, 204, 207 globalization and, 101 joint ownership and, 83 labor and, 56 monopolization of, 51 public ownership of, 85, 93 renewable, 9, 15, 52–53, 119, 161 rent and, 52–53, 85, 119 United Nations and, 106 U.S and, 182, 185, 193 utilization of, 53 Negri, Antonio , 209 Ng, Y.K., 60 Nitzan, 26, 207, 208 Nixon Doctrine, 43, 94, 153–54, 156, 201 see also Nixon, Richard Nixon, Richard, 7, 110, 153–54 see also Nixon Doctrine Nordhaus, William D., 215 Nwoke, C., 172 Nye, Joseph, 199 NYMEX, 80, 123 Obama, Barack, 3, 11, 200 O’Conner, H., 85, 150 oil concessions, 5, 31, 37–39, 43, 65–66, 69–71, 83, 87–89, 91–92, 95, 100–3, 105, 122, 139, 155, 157, 180 oil crisis of 1973–74 alternative theory of, 36–42 conspiracy view of, 25–27 dependency theory and, 22–24 traditional view of, 19–22 US domestic oil production and, 27–36 costs and individual values, 29–33 diversity of, 28 242 I n de x oil crisis of 1973–74—Continued fragmentation of leases and productivity decline, 34–36 intensification and reversal of oil recovery, 28–29 new oil discoveries, 33–34 oil rents in exhaustible vs renewable resources, 52–53 general equilibrium and, 61–64 land as capital vs land as landed property, 114–18 Marshall’s theory and, 48–50 Marx’s theory of rent and, 50–52, 53–59 nationalization, globalization, and volatility, 122–26 in neoclassical economic parlance, 59–60 OPEC revenues and, 69–72 overview, 45–47 ownership of oil reserves and, 64–69 property relations and, 37–38 Ricardian theory of rent and, 47–49 valorization of landed property and, 112–14 valorization of oil deposits, 118–22 see also rent theory oligopoly, 19, 21, 41, 47, 61, 80–81, 119 Opdyke, George, 116 opportunity cost, 112, 118, 203, 204, 207 organic composition of capital (OCC), 114, 166–67, 171 Organization of Petroleum Exporting Countries (OPEC) conspiracy theory view of oil crisis and, 25–27 decartelization and, 5, 91–92 dependency theory and, 22–24 evolution of global oil and, 84–87 formation of, 6, 37, 90, 106–8 globalization and, 6, 11, 15, 95–96, 104 IEA and, 155–56 IPC and, literature on, 80–84 mineral deposits and, 92–94 NYMEX and, 123 oil crisis of 1973–74 and, 5, 19–22 oil rents and, 39, 45, 69–72, 155, 171–73 OPEC offensive, 6, 11, 22, 24, 27, 41, 180 overview, 75–80 prices and, 20, 39, 41, 91, 125 profits and their limit, 94–95 revenues, 69–72 U.S and, 19–22, 108–11, 152–53, 186 valorization of oil deposits and, 119–20 war and, 177–78 Painter, David, 104 Pakravan, K., 83 Palloix, C., 135, 140, 170 Panitch, Leo, 133, 135–36 Pappe, Ilan, 183 Pax Americana colonialism and, fall of, 1–2, 11, 43, 127, 129–30, 189–91, 194–95 globalization and, 8–9, 23, 43 imperialism and, 140–41, 175–79 IPC and, 12, 17, 77 Iran and, 7, 111 OPEC and, 43, 111, 156, 186 post-Pax Americana world, 11–12, 23, 156, 198 rise of, 191–94 as transition period, 8–9 peak oil, 14, 128 Penrose, Edith, 19, 39, 84 Perez Alfonso, J.P., 76, 104 I n de x periodization, 33, 37, 84, 86, 100, 131–32, 149, 177 Philosophy of Poverty, The (Proudhon), 58–59, 115, 145 Pindyck, Robert, 81 Postwar Petroleum Order, 17, 150, 180 Poulantzas, N., 138 Powell, Colin, 197, 217 Prast, W.G., 90 Prebisch, Raul, 22 Proudhon, Pierre-Joseph, 58–59, 115, 145 Reagan, Ronald, 2, 32, 41, 79, 175, 195–96 real abstraction, 99, 125, 130, 148 real competition, 116, 138, 142, 144, 157 regulating capital, 14, 20, 29–32, 40, 43, 48, 56, 64, 68, 79, 84, 86, 90, 111, 116–17, 121–24, 127, 159, 162, 164, 167–71, 178, 180, 182 rent theory absolute rent (AR), 63, 113–14, 118–20, 171–74, 207, 212 differential rents, 55, 68, 117–18, 121 ground rent, 46–47, 49–50, 52, 113, 119, 172, 205, 207 Marshall’s theory, 48–50 Marx’s theory, 50–52, 53–59 monopoly and, 46–48, 58–59, 61–62, 74, 112, 114–20 scarcity rent, 48, 53, 59, 83, 203, 204, 207 see also oil rents resources (natural) see natural resources Rethinking Imperialism (Milios and Sotiropoulos), 147–49 Ricardo, David, 30, 46–50, 52–54, 56–57, 60–64, 68, 72–73, 112–14, 117, 134, 162, 168, 203, 204–5, 213 243 Rifai, Taki, 72, 89 Robinson, Joan, 41, 210 Rosdolsky, R., 130 Rouhani, F., 37, 71–72, 91–92 rule of capture, 69, 85, 93, 102, 118, 120–21 Rumsfeld, Donald, 3, 196–97 Saad-Filho, 114, 133, 166 Salant, S.W., 41, 81, 87 Salehi-Isfahani, D., 81, 205 Sampson, A., 84 Sand, Shlomo, 183 Saudi Arabia, 32, 41, 43, 76, 79–80, 82–83, 88, 105, 122, 153–54, 156, 184 scarcity rent, 48, 53, 59, 83, 203, 204, 207 Schlesinger, James, 98, 181–82, 184 Schumpeter, Joseph, 116, 149, 204, 213 Semmler, W., 23, 41, 62 Seven Sisters, 180 Shaikh, A., 23, 41, 62, 64, 114, 116, 162–63, 166 Shanker, T., Sherif, Regina, 154 Simpson, Michael, 154 Smith, Adam, 25, 45, 47, 49, 61, 203 social relations, capital as, 1–2, 4, 7–8, 10, 27, 37, 42, 45, 50–53, 57, 67–72, 84, 95, 100, 102–3, 114–15, 129, 132–35, 137, 140–43, 157, 170, 180, 194, 199 soft power, 199 Sotiropoulos, D., 147–49 Soviet Union, 2, 10, 100, 106, 108, 152, 175–77, 179–80, 183, 185, 191–92, 195 Sraffa, P., 53 stagnationist thesis, 139–40 Steedman, I., 162 Steindl, J., 140 Stock, F., 161 Stocking, G.W., 87, 90 244 I n de x Stokes, D., 13 Stork, J., 22, 87, 95 Sweezy, Paul, 140, 147, 162, 211 Syria, 10, 197 Tanzer, M., 22–24, 27, 87, 89, 95, 150 Tariki, Abdullah Al, 76, 91 Teague, Walter C., 100 technical composition of capital (TCC), 166, 177 Teece, D.J., 81, 87 Tenet, George, 197 terrorism, 196, 198–99, 210 Terzian, P., 91, 108 Thomas, J., 81 Thompson, E P, 149 Thomson, R., 103 Tomeh, George, 154 Torrens, Raymond, 47 Treatise on Political Economy, A (Opdyke), 116 Tsurumi, Yoshi, 25 Twain, Mark, 200 UN General Assembly, 65–66, 106, 183 United Kingdom (UK), 40, 79, 153, 197, 217 unitization of oil fields, 35, 66–67, 93, 110, 121 US domestic oil production costs and individual values, 29–33 diversity of, 28 fragmentation of leases and productivity decline, 34–36 intensification and reversal of oil recovery, 28–29 new oil discoveries, 33–34 oil crisis of 1973–74 and, 27–36 US foreign policy 9/11 and, 2–3, 198 Carter and, globalization and, 17, 32, 43, 141 hypocrisy of, 11, 15 IPC and, 12, 76–77, 107–8, 127, 150–51 oil nationalization and, 122 OPEC and, 77–78, 94 Reagan and, see also Nixon Doctrine US Strategic Petroleum Reserves, 154 US-UK Memorandum (1964), 108, 155, 206 valorization capitalism and, 92–93, 102–3, 133, 155 competition and, 80 explained, 46 globalization and, 7–8, 127 landed property and, 13, 45–46, 59, 94, 102–3, 110–14, 117–18, 131, 143, 187 mineral ownership and, 92 nationalization of oil deposits and, natural resources and, 57, 92 oil deposits and, 118–22, 171 oil rent and, 112, 117–18, 155 OPEC and, 110 Venezuela, 6, 70–72, 76–77, 80, 89, 91, 104–5, 122, 152–53 Vernon, R., 19 Walden, J.L., 37, 90 Wallerstein, Immanuel, 22, 213 war oil and demise and puzzle of hegemony, 194–98 hegemony, consent, and mediation, 188–91 Iraq and, 176–79 mismeasure of “blood,” 179–88 overview, 175–76 rise of Pax Americana, 191–94 weapons of mass destruction (WMDs), 196–98, 217 I n de x Weeks, J., 22–23, 41, 53, 62, 117, 139, 187 Wessel, R.H., 60 West, Edward, 47 Wilson, T., 60 World Bank, 156, 193, 206 245 Yamani, Ahmed Zaki, 201 Yergin, Daniel, 65–66, 150, 152, 155, 156, 180 Zionism, 183, 200, 214 Zoninsein, Jonas, 140 ... Inequality and Rural Factor Markets in Turkey By Fatma Gül Ünal Expats and the Labor Force By George Naufal and Ismail Genc A Prelude to the Foundation of Political Economy By Cyrus Bina Other... (and ecosystem) that is hanging in the balance Globalization is about instantaneity and spontaneity of forces that are beyond the regional, national, geographical, and legal boundaries And there... Hamid Akbari, Richard N Frye, and Fakhreddin Azimi; a weeklong of lectures on globalization of oil (and theoretical basis of nationalization) in Buenos Aires, Argentina, at the invitation of the

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