Crude Capitalism: Oil, Corporate Power, and the Making of the World Market | Prof Adam Hanieh

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 Introduction01:05 Understanding Petrodollars02:52 The Genesis of "Crude Capitalism"05:30 Historical Context: Oil as a Commodity08:22 Oil and War: a Strategic Resource16:58 The Rise of the Seven Sisters23:51 US Hegemony and Petrodollars29:44 The Formation and Role of OPEC37:33 Oil and Financial Markets48:13 China's Role in the Global Oil Market56:39 The Stakes of Energy Politics01:00:44 Final ThoughtsAdam 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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