{"product_id":"oil-price-cycles-1973-2010-von-fabian-balardini","title":"Oil Price Cycles: 1973-2010","description":"\u003cp\u003eThis book makes an important and timely contribution  to our understanding of the forces driving oil price  cycles since 1973.  After a critical review of an  extensive range of hypotheses from the existing  literature, the author puts forward an alternative  Marxian Disequilibrium hypothesis that the roles of  price-makers and price-takers in the global oil  market shifts systematically over the cycle.  This  theoretical investigation is followed by a detailed  empirical analysis which identifies cyclical  patterns in world and regional oil demand, as well  as recurrent patterns in oil supply by OPEC and non- OPEC producers.  Key elements of this analysis are  the view that demand pressures, not supply  limitation, trigger sharp rises in oil prices, and  that low-cost producers passively follow the market  during periods of price increase but aggressively  increase production in periods of falling prices in  order to maintain revenue targets.  Concluding this  remarkable investigation the author discusses the  political implications of the Marxian Disequilibrium  hypothesis of the global oil market for the recently  elected center-left governments in Latin America.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783838346328\"\u003e\u003ch3\u003eA Theoretical and Empirical Investigation using Marx's Theory of Value\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783838346328","offer_id":39469165838429,"sku":"9783838346328","price":59.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/d3a46548-2f29-4967-9827-80aeb0c4958d.jpg?v=1744701652","url":"https:\/\/shop.autorenwelt.de\/products\/oil-price-cycles-1973-2010-von-fabian-balardini","provider":"Autorenwelt Shop","version":"1.0","type":"link"}