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      • Faculty of Economics, Administrative And Social Sciences
      • Department of International Relations
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      Market cycles, power politics and the latest North – South energy trade conflict

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      Author
      Williams, P. A.
      Date
      2007
      Source Title
      Third World Quarterly
      Print ISSN
      0143-6597
      Publisher
      Routledge
      Volume
      28
      Issue
      1
      Pages
      45 - 58
      Language
      English
      Type
      Article
      Item Usage Stats
      358
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      Abstract
      Energy trade periodically aligns Northern importing - consuming countries against predominantly Southern producing - exporting countries. Conflict appears to follow a cyclical pattern, whereby Northern firms invest in developing Third World hydrocarbon resources to meet consumer demand until market conditions enable unilateral efforts by host sovereigns to augment fiscal take and ownership share and to impose output restrictions, thereby elevating prices and revenues. Although markets eventually correct themselves, major consuming-country governments, to the extent that seller's markets attributable to exporter actions harm short-term consumer welfare and alternative options for restoring buyer's markets are lacking, have varying incentives to support military intervention. Shifting market conditions and power balances suggest six ideal-typical energy trade conflict strategies. Finally, to the extent that exporting states succeed in converting higher hydrocarbon revenues into energy-intensive economic growth, co-operative phases within this conflict pattern could yield to increasingly zero-sum inter-consumer rivalry.
      Keywords
      Developing world
      Economic growth
      Energy market
      Hydrocarbon resource
      Market conditions
      Permalink
      http://hdl.handle.net/11693/23531
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/01436590601081799
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