The political economy of international oil

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"The main oil-exporting countries today are poor, or at least were poor in the recent past. However, they have succeeded in taking control of their domestic oil industries. They have earned enormous wealth from this valuable resource. And they have, at times, used the 'oil weapon' to some effect in global politics. Why, therefore, has such vast oil revenue done so little to bring about sustained political and economic development in these countries?" "George Philip's book examines this paradox. Exploring the complex relationship between oil and the development experiences of its poorer exporters, it is a comparative historical study which traces the path of global oil expansion from initial exploitation, through the increased taxation of the 1940s and 1950s, to the boom and slump of 1973-86 and its aftermath - raising challenging questions about economic development, about political modernisation and about the balance of the global economy as a whole."--BOOK JACKET.