Overview
- Offers an analysis of the increasing role and influence of financial actors and financial motives on oil markets
- Provides a timely contribution to the fields of oil economics, financial economics, socio-economics and sociology of finance
- Challenges mainstream critiques of the nature of oil markets
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About this book
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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Keywords
Table of contents (11 chapters)
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Front Matter
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Conceptualising Financialisation
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Front Matter
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The Three Phases of Oil Financialisation
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Front Matter
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Financialisation of Oil Market and Evolution of Oil Market’s Actor Structure
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Front Matter
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Back Matter
Authors and Affiliations
About the author
Angelos Gkanoutas-Leventis is a political economist with commercial experience working for national and international oil companies. He is very active in the development of the hydrocarbon industry in the South East Mediterranean, having founded the Greek Energy Forum. He is also a member of the City Political Economy Research Centre (CITYPERC).
Bibliographic Information
Book Title: Spikes and Shocks
Book Subtitle: The Financialisation of the Oil Market from 1980 to the Present Day
Authors: Angelos Gkanoutas-Leventis
DOI: https://doi.org/10.1057/978-1-137-59461-7
Publisher: Palgrave Macmillan London
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2017
Hardcover ISBN: 978-1-137-59460-0Published: 28 December 2016
eBook ISBN: 978-1-137-59461-7Published: 20 December 2016
Edition Number: 1
Number of Pages: XIII, 157
Number of Illustrations: 4 b/w illustrations
Topics: Capital Markets, Financial History, Economic History, Investments and Securities