Ryan C. Smith, "The Real Oil Shock: How Oil Transformed Money, Debt, and Finance" (Palgrave MacMillan, 2022)

Ryan C. Smith, "The Real Oil Shock: How Oil Transformed Money, Debt, and Finance" (Palgrave MacMillan, 2022)

The rise of the global financial industry is treated by many economists as a critical component of the rise of neoliberalism. What few address is the role of the 1973 OPEC Oil Embargo and the 1979 Oil Shock in making modern financialization possible. Ryan C. Smith's book The Real Oil Shock: How Oil Transformed Money, Debt, and Finance (Palgrave MacMillan, 2022) demonstrates how the dramatic transfer of wealth from the industrialized, capitalist world to OPEC’s members triggered by the Oil Embargo and the Oil Shock created a vast pool of liquid capital. Oil prices inflation, as a result of Embargo and Shock, also triggered a balance of payments crisis that created unprecedented global demand for credit. Processing this capital and mitigating the inflationary pressures which followed the 1973 Shock encouraged the development of more liquid, internationally mobile instruments that made financialization possible and ushered in the effective privatization of money creation. This transformation of the creation of money, the rise of a new global debt cycle, and petrocapital-fuelled changes to financial practices laid the foundations of modern finance and the neoliberal world order as we know them. Ryan C. Smith is an economic researcher specializing in business news, economic news, and finance. He earned his Ph.D. in Economic and Social History from the University of Glasgow. Filippo De Chirico studies History and Politics of Energy at Roma Tre University (Italy). Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

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Joe Ngai and Nick Leung, "The Next China Is Still China: An Insider's Playbook for Winning in the New Era" (Scribner, 2026)

Joe Ngai and Nick Leung, "The Next China Is Still China: An Insider's Playbook for Winning in the New Era" (Scribner, 2026)

What’s going on in the Chinese economy? China reported GDP growth of just 4.3% last quarter. Consumption is sluggish, exports are booming, electronics manufacturers and chipmakers are reporting huge p...

30 Juli 56min

Robert Lee Maril, "Hungry Oklahoma: Confronting Poverty and Food Insecurity" (U Oklahoma Press, 2026)

Robert Lee Maril, "Hungry Oklahoma: Confronting Poverty and Food Insecurity" (U Oklahoma Press, 2026)

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30 Juli 35min

Adam Y. Liu, "Authoritarian Markets: The Politics of China's Banking Explosion" (Cornell UP, 2026)

Adam Y. Liu, "Authoritarian Markets: The Politics of China's Banking Explosion" (Cornell UP, 2026)

Authoritarian Markets explores the political foundations of China's banking boom and its far-reaching impact on the Chinese economy. In 1978 China had no commercial banks. Today it commands the wor...

28 Juli 57min

Lana Swartz on Digital Money and Digital Cultures of Money

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27 Juli 1h 24min

Toby Miller and Joan Pedro Carañana, "Global Sports Go Green—Or Do They?" (Palgrave Macmillan, 2026)

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26 Juli 44min

Andrew Flachs, "Feeding the World as If People Mattered: How Small Farms Produce Value Beyond Yields" (U Arizona Press, 2026)

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Backyard gardens flush with cucumbers, tomatoes, and peppers where bees buzz and chickens scratch. Beyond, a forest filled with blackberries and jewelweed. Inspired by childhood memories of his gra...

24 Juli 49min

Systemic, Non-Linear Change Is Today’s Path Forward

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23 Juli 27min

J. W. Mason and Arjun Jayadev, "Against Money" (U Chicago Press, 2026)

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Money is everywhere in our daily lives. It lurks in the swipe of a card at the grocery store, in looming student-loan debts, in the prices of things we want, and in our subconscious navigation of th...

19 Juli 1h 12min

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