The International Oil Market: A Case of Trilateral Oligopoly pdf

Alessandro Roncaglia (Roma, 1947) has been or is professor of economics, Sapienza University of Rome (1981-2017); editor, Moneta e credito and PSL (previously BNL) Quarterly Review (1989-2016), and member of their Editorial board (since 1979); managing board of editors, Journal of Post Keynesian Economics (since its foundation in 1978); member, Società Italiana degli Economisti (presidency Council, 1992-95; president, 2010-2013). He is president, associazione culturale Economia civile since its foundation in 2011, and member, Accademia Nazionale dei Lincei (1998-2007 corresponding member; since 2007, national member; Joint academic administrator and member of the Presidency council, 2018-). Author of articles and books translated in many languages, from Spanish to Chinese, from Japanese to Russian, from Korean to Catalan; among these, Piero Sraffa (Macmillan Palgrave, 2009) and The wealth of ideas (CUP, 2005), the Italian edition of which (Laterza 2001) received the Jerome Blanqui Award of the European Society for the History of Economic Thought in 2003.

The International Oil Market: A Case of Trilateral Oligopoly pdf by Alessandro Roncaglia

Over the past fifteen years, events in the international oil market have had a direct impact on the personal well-being of members of both developed and underdeveloped economies. They have also had a wide-ranging impact on the evolution of the world economy, an impact which varies widely from country to country. As a result of the sharp changes that have occurred in the oil market over the last fifteen years, it is easier to identify the reasons why this sector occupies such a central role in modern economies. First, oil is an indispensable means of production, as a raw material for the petrochemical sector, and - above all - as a source of energy. In this respect, the fact that the price of oil was for a long period low, compared with available alternatives, and decreasing in real terms, helps to explain the impact of oil on the world's economies. Since changes in the direction of techno-logical research and the adaptation and adjustment of production equip-ment require substantial periods of time, it is likely that, despite the recent large increases in its price, oil will be required for many years to come to satisfy a substantial, if decreasing, share of the energy require-ments of all countries.