In this episode of The afikra Podcast, host Mikey Muhanna speaks with Professor Adam Hanieh, author of "Crude Capitalism: Oil, Corporate Power, and the Making of the World Market," to discuss the transformative role of oil in shaping global economics and politics. The conversation delves into the historical context of oil production, including the rise of Standard Oil and the dominance of the Seven Sisters, the emergence of the term "petrodollars," OPEC's influence, and the strategic movements of oil in the global market. The discussion also addresses the implications of oil on geopolitical relations, particularly in the Middle East, the US, and the emerging role of China. Prof Hanieh examines the flawed solutions proposed to address the climate crisis and the ongoing pervasiveness of fossil fuel reliance.
00:00 Introduction
01:05 Understanding Petrodollars
02:52 The Genesis of "Crude Capitalism"
05:30 Historical Context: Oil as a Commodity
08:22 Oil and War: a Strategic Resource
16:58 The Rise of the Seven Sisters
23:51 US Hegemony and Petrodollars
29:44 The Formation and Role of OPEC
37:33 Oil and Financial Markets
48:13 China's Role in the Global Oil Market
56:39 The Stakes of Energy Politics
01:00:44 Final Thoughts
Adam Hanieh is a professor of Political Economy and Global Development at the University of Exeter’s Institute for Arab and Islamic Studies and a Distinguished Research Fellow at Tsinghua University. A leading scholar of Middle Eastern political economy, his work examines Gulf capitalism, class dynamics, and state formation. He is the author of Money, Markets, and Monarchies (2018) and Crude Capitalism: Oil, Corporate Power, and the Making of the World Market (Verso Books, 2024). His research has been widely published, and he holds a Political Economy Fellowship with the Independent Social Research Foundation, while also serving on several editorial and advisory boards.
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