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Berlin Wall, California gold rush, computerized trading, corporate raider, cuban missile crisis, facts on the ground, failed state, fixed income, indoor plumbing, Khyber Pass, megastructure, Menlo Park, Mikhail Gorbachev, oil rush, Potemkin village, rolodex, Ronald Reagan, shareholder value, Silicon Valley, telemarketer, trade route
And so “pipeline politics” became a modern-day version of the nineteenth century’s Great Game, in which Britain and Russia had employed cunning and bluff to gain supremacy over the lands of the Caucasus and Central Asia. This book is the story of how, at the dawn of the twenty-first century, the game was played once again across the harsh environs of the Caspian Sea. CHRONOLOGY * * * Pre-Soviet period 1823 Zeynalabdin Tagiyev born 1872 Sale of Baku land legalized; oil rush begins 1873 Robert Nobel arrives in Baku 1878 Ludvig Nobel unveils Zoroaster, world’s first oil tanker 1883 Edmond and Alphonse de Rothschild arrive in Batumi 1901 Baku supplies 51 percent of world’s oil 1905 Worker uprising destroys Baku oil fields 1906 Baku-Batumi oil pipeline completed 1914 World War I breaks out 1917 Bolshevik Revolution 1920 Bolsheviks overthrow Azerbaijan government (April 28) Early Soviet period 1920 Standard Oil concludes deal with Nobels (July 30) 1921 Lenin’s “New Economic Policy” invites foreign businesses 1924 Britain recognizes Soviet Union Lenin dies 1933 United States recognizes the Soviet Union Later Soviet period 1968 James Giffen hired by Soviet trader Ara Oztemel 1969 Détente begins; Nixon liberalizes trade with Soviets 1972 Oztemel fires Giffen 1973 John Deuss launches first oil trading venture U.S.
-USSR Trade Council 1985 Blowout at Tengiz oil field (June 24) 1987 Gorbachev legalizes joint ventures (January 13) Giffen forms American Trade Consortium (May) Heydar Aliyev sacked by Gorbachev from Politburo (May) Chevron in Moscow to look at Soviet oil properties (September) 1989 Steve Remp arrives in Baku (May) Nursultan Nazarbayev becomes Communist Party chief of Kazakhstan (June 22) 1990 Gorbachev signs START II with Bush, and preliminary agreement for Tengiz with Chevron (June 2) Baku’s new oil rush begins with first oil show (October) 1991 Kazakhstan takes over Tengiz talks with Chevron (July 23) Attempted anti-Gorbachev putsch (August 19) Omanis loan Kazakhstan $100 million for grain (November) Ex-Soviet republics form Commonwealth of Independent States (December 21) Gorbachev resigns (December 26) Soviet Union dissolves (December 31) Giffen’s American Trade Consortium ceases to function (December 31) Post-Soviet period 1992 Chevron fires Giffen as adviser (January) Ex-Soviet foreign minister Eduard Shevardnadze returns to Georgia homeland (March) Nazarbayev and Chevron chairman Ken Derr sign preliminary Tengiz deal at Blair House (May 18) Kazakhs, Omanis form consortium to build export pipeline for Tengiz (June 11) Margaret Thatcher helps seal BP’s offshore Baku deal (September 7) Giffen helps Kazakhstan get uranium pact with United States (October) 1993 Preliminary agreement to develop Kazakhstan’s Kashagan oil field (January 9) Clinton, Yeltsin establish Gore-Chernomyrdin commission (April 3–4) Final Tengiz agreement signed (April 6) Heydar Aliyev announces assumption of power in Azerbaijan (June 18) Russia severs Caspian states’ natural gas exports (November) Russia’s Yuri Shafranik promised 10 percent of Baku offshore deal (November 19–20) 1994 Yeltsin declares Russia ex-Soviet regions’ “guarantor of stability” (February 21) Russia asserts veto rights over Caspian development (April 28) “Contract of the Century” signed for Baku offshore wells (September 20) Giffen put in charge of negotiating Kazakhstan’s major oil deals (December) 1995 Kazakhstan lets Gazprom into Karachaganak natural gas field (February 12) Car wreck kills Qais al-Zawawi, Deuss’s Omani patron (September 12) Clinton phones Heydar Aliyev to urge dual pipeline routes (October 2) Dual Baku pipelines announced (October 9) Unocal signs for trans-Afghan pipeline (October 21) 1996 Deuss forced out of Tengiz pipeline consortium (January) Tengiz pipeline consortium restructuring agreed in Moscow (March 11) Clinton signs Iran-Libya Sanctions Act (August 5) Taliban captures Kabul (September 27) 1997 Collapse of Thai baht triggers financial turmoil (July 2) U.S.
Jaz’s property, in a district called Balakhani, was absorbed into the Persian Empire, then in 1813 into Russia. On the other side of the world, America had yet to develop a commercially exploitable oil industry. But that was about to change, sending shock waves all the way to Russia and, finally, to Baku. In 1859, a tenacious entrepreneur named Edwin Drake struck a gusher after twenty months of toil in the poor western Pennsylvania town of Titusville. With it, he triggered the world’s first oil rush. In the wake of that discovery, a stern and lanky Clevelander named John D. Rockefeller cornered both the U.S. and European markets, earning him history’s first great oil fortune. By the late 1860s, Rockefeller-led advances were revolutionizing the oil business, but production methods at Mr. Jaz’s property were substantially unchanged. The latest tenant on this land lacked almost any justification to invest in the new steam-driven wells because unlike his Pennsylvania counterparts, he couldn’t be sure he would be the one to profit.
Instead of seeing the melting as a grave warning to humanity, they are eyeing the previously inaccessible oil beneath the seabed at the top of the world. They’re exploiting the disappearance of the ice to drill for the very same fuel that caused the melting in the first place. That’s why, in summer 2013, thirty men and women from eighteen countries sailed for a Russian Arctic oil platform, determined to focus global attention on the new Arctic oil rush. They saw how fossil fuels have come to dominate our lives on Earth, how the energy giants bestride our planet unchecked. They knew that at some time and in some place somebody had to say, ‘No more.’ For those activists that time was now and that place was the Arctic. Their ship was seized, they were thrown in jail and faced fifteen years in prison. Millions of people from across the world raised their voices in support of the stand they took, including many from the great nation of Russia.
It’s owned and operated by Gazprom, Russia’s state-owned energy giant. Sometime in the next few weeks Gazprom will try to become the first company in history to pump oil from the icy waters of the Arctic. Until now the thick sea ice has made drilling here almost impossible, but as temperatures rise the oil companies are moving north, and if the Prirazlomnaya succeeds it will spark a new Arctic oil rush. That’s why the Sunrise is here. That’s why, right now, across this ship, thirty men and women are making final preparations to scale that platform and shut it down. Frank leans over the bow and sees his reflection in the water. He breathes deeply and looks up. The last of the sun is sinking below the horizon. When it next appears, he’ll give the order to go. TWO The portholes are screwed shut.
Activists had confronted BP’s Northstar drilling operations in Alaska; Greenpeace ships had documented climate change impacts off Greenland and Svalbard; and Mads Christensen’s team in Scandinavia had campaigned against the industrial fishing fleets taking their destructive methods to the Arctic. But it was Deepwater Horizon that provided the spark for a new wave of action. With the world’s oil giants moving into the melting waters above the Arctic Circle, Sauven got his way and the Greenpeace ship Esperanza sailed north to confront the new Arctic oil rush. That summer Greenpeace played a cat-and-mouse game with the Danish navy – still the governing power in Greenland. The activists outpaced the Danish special forces RHIBs and occupied the underside of the Cairn platform, forcing a temporary shutdown. The following year Greenpeace returned to Greenland, this time with Frank Hewetson leading the logistics operation. He hung a pod and two occupants from another Cairn oil platform, halting exploratory drilling operations for two days.
Living in a Material World: The Commodity Connection by Kevin Morrison
barriers to entry, Berlin Wall, carbon footprint, clean water, commoditize, commodity trading advisor, computerized trading, diversified portfolio, Doha Development Round, Elon Musk, energy security, European colonialism, flex fuel, food miles, Hernando de Soto, Hugh Fearnley-Whittingstall, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), Long Term Capital Management, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, out of africa, Paul Samuelson, peak oil, price mechanism, Ronald Coase, Ronald Reagan, Silicon Valley, sovereign wealth fund, the payments system, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, uranium enrichment, young professional
The bitumen, a rather thick, gooey substance, is processed to make it more viscous so that it can be refined and turned into a liquid for use in our cars. The extra processes required to extract and refine tar sand compared with conventional oil add significantly to its cost. Only in recent years has it been economic to commercially exploit the deposits of tar and oil sands, found mainly in Canada and Venezuela. The rise in Canadian petroleum production from oil sands has created an oil rush in the state of Alberta, which has become the Saudi Arabia of unconventional oil, and tar sands provide a new source of supply for American drivers. The US imports more oil from Canada than any other country. Given their political and geographical proximity, this is probably as close as the US may get to energy independence. Canadian oil sands production is estimated to account for most of the net increase in oil production from countries outside of the Opec grouping.
Amalgamated floated in 1889, bought fellow copper producer Anaconda (Schmitz, 1986), and in the same year attempted to corner the copper market by holding back shipments to Europe. This pushed prices higher, which stimulated supplies from other sources. Amalgamated was left holding very large stocks at a time of rapidly plunging prices (Gibson-Jarvie, 1976). The Rothschild bank – which had historically been involved in the gold trade, and which was a financier to the oil rush in the Caspian Sea in the late 19th century, and the diamond trade through its interests in De Beers – was also interested in copper during this period; it was financier to the Secretan scheme at a time when it was a key shareholder in Rio Tinto, and also to Anaconda. This combined interest gave the Rothschilds ‘real power’ in the world copper market in the late 19th century (Ferguson, 1998).24 A second copper producer scheme was set up – the Copper Producers’ Association – which attempted to peg price and limit production when market demand weakened.
Blindside: How to Anticipate Forcing Events and Wild Cards in Global Politics by Francis Fukuyama
Asian financial crisis, banking crisis, Berlin Wall, Bretton Woods, British Empire, capital controls, Carmen Reinhart, cognitive bias, cuban missile crisis, energy security, flex fuel, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, John von Neumann, mass immigration, Menlo Park, Mikhail Gorbachev, moral hazard, Norbert Wiener, oil rush, oil shale / tar sands, oil shock, packet switching, RAND corporation, Ray Kurzweil, reserve currency, Ronald Reagan, The Wisdom of Crowds, trade route, Vannevar Bush, Vernor Vinge, Yom Kippur War
Selina Williams and Bhushan Bahree, “Energy Agency Sets Grim Oil Forecast,” Wall Street Journal, November 8, 2005. 8. Testimony of Stuart Levey, Under Secretary, Office of Terrorism and Financial Intelligence, U.S. Department of the Treasury, before the Committee on Banking, Housing, and Urban Affairs, July 13, 2005. 9. Testimony of Secretary of State Condoleezza Rice, before the Senate Foreign Relations Committee, April 5, 2006. 10. Marianne Lavelle, “The Oil Rush,” U.S. News & World Report, April 24, 2006. 11. Daniel Yergin, “Ensuring Energy Security,” Foreign Affairs (March-April 2006). 12. Amory Lovins, Winning the Oil Endgame (Snowmass, Colo.: Rocky Mountain Institute, 2004). 13. David Luhnow and Geraldo Samor, “Bumper Crop,” Wall Street Journal, January 9, 2006. 14. Worldwatch Institute, State of the World 2006 (Washington: 2006), p. 74. 2990-7 ch16 notes contribs 178 7/23/07 12:17 PM Page 178 notes 15.
Economic Gangsters: Corruption, Violence, and the Poverty of Nations by Raymond Fisman, Edward Miguel
accounting loophole / creative accounting, Andrei Shleifer, Asian financial crisis, barriers to entry, blood diamonds, clean water, colonial rule, congestion charging, crossover SUV, Donald Davies, European colonialism, failed state, feminist movement, George Akerlof, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Live Aid, mass immigration, megacity, oil rush, prediction markets, random walk, Scramble for Africa, selection bias, Silicon Valley, South China Sea, unemployed young men
Royalty payments to the government for mining concessions jumped from $37.5 million in 2002 to nearly $110 million one year later, despite only a modest increase in the value of the diamonds extracted. Overall, the Angolan economy has taken off since the war’s end, with income per capita rising by more than 20 percent between 2003 and 2005— proving once again that the poorest economies can quickly rebound from war. If the old diamond companies are suffering, the rest of the country isn’t. In the oil rush that has seized much of Africa in recent years, we may be witnessing another disconnect 184 TH E RO A D BA CK F RO M WAR between economic prosperity and business profits. Some Western oil companies, whether inhibited by ethics or constrained by law, have shied away from working with the most unsavory African dictators. But such qualms haven’t stopped the China National Petroleum Company (CNPC) from drilling in countries like Chad and Sudan.
Drowning in Oil: BP & the Reckless Pursuit of Profit by Loren C. Steffy
Berlin Wall, clean water, corporate governance, corporate raider, Exxon Valdez, Fall of the Berlin Wall, North Sea oil, oil rush, oil shock, peak oil, Piper Alpha, Ronald Reagan, South China Sea, sovereign wealth fund
During one early stint at a BP reﬁnery, Browne was doused with crude oil as an initiation rite.3 Had he come out as gay, especially as a young man, he almost certainly wouldn’t have risen to lead BP. “You had to remove yourself from conversations, from play acting, from the macho talk. You became very good at avoidance.”4 Nevertheless, Browne pursued his career plans, joining BP full-time after graduating from Cambridge. He was posted to Alaska. Anchorage in the late 1960s was an oil boomtown, not unlike those that had populated Texas in the early days of its oil rush. Browne arrived at his hotel on his ﬁrst day in town to ﬁnd that “the noisy smoke-ﬁlled bar was crammed with burly, beer-swilling men, with ‘working’ women loitering at the entrance.”5 Like most boomtowns, it was rowdy and crawling with opportunists looking to make a fast buck. Oilﬁeld work was hard in the best of conditions, but in the frozen climes of Alaska, companies had to pay top dollar to get even unskilled labor to the job site.
Visit Sunny Chernobyl: And Other Adventures in the World's Most Polluted Places by Andrew Blackwell
carbon footprint, clean water, Google Earth, gravity well, liberation theology, nuclear paranoia, oil rush, oil shale / tar sands, place-making, ride hailing / ride sharing, sensible shoes, Silicon Valley, special economic zone, the scientific method, young professional
A sign once pointed tourists to a viewpoint from which they could peer into Spindletop and see, distantly, the actual site of the Lucas Gusher. But a hurricane blew the sign down, and it has not been replaced. To people driving past, Spindletop is a void space, a low mile of trees by the highway that goes unremarked, even in the area whose prosperity it once sparked. But however invisible, the wedge of land between Sulphur Drive and West Port Arthur Road holds a secret. And the secret is this: the oil rush on Spindletop is not over. Not quite. Steven Radley is the last man standing. More than a hundred years and 150 million barrels of oil after Patillo Higgins’s hunch first came good—and a half century after the major producers left this land for dead—he is doing his damndest to squeeze every last cup of petroleum out of its stubborn soil. We met up by a set of large, squat oil tanks that hunkered in the predawn darkness.
A Declaration of the Independence of Cyberspace, American Legislative Exchange Council, Andrew Keen, barriers to entry, Berlin Wall, big-box store, Brewster Kahle, citizen journalism, cloud computing, collateralized debt obligation, Community Supported Agriculture, conceptual framework, corporate social responsibility, creative destruction, cross-subsidies, crowdsourcing, David Brooks, digital Maoism, disintermediation, don't be evil, Donald Trump, Edward Snowden, Fall of the Berlin Wall, Filter Bubble, future of journalism, George Gilder, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, Internet Archive, Internet of things, invisible hand, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Mark Zuckerberg, means of production, Metcalfe’s law, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, peer-to-peer, Peter Thiel, Plutocrats, plutocrats, pre–internet, profit motive, recommendation engine, Richard Florida, Richard Stallman, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, slashdot, Slavoj Žižek, Snapchat, social graph, Steve Jobs, Stewart Brand, technoutopianism, trade route, Whole Earth Catalog, WikiLeaks, winner-take-all economy, Works Progress Administration, young professional
In many ways, the disaster in the Gulf was remarkably visible (although a quickly imposed ruling barred anyone from going within sixty-five feet of any response vessels or booms on the water or beaches, under threat of civil penalty of up to forty thousand dollars and a Class D felony punishable by up to fifteen years in jail). It was a media event for the new age: thousands of us sat glued to streaming footage of the oil rushing from its source; we forwarded videos of the burning rig, black smoke choking the sky; Stephen Colbert’s pithy comment—“In honor of oil-soaked birds, ‘tweets’ are now ‘gurgles’ ”—became the most retweeted of the year. But sitting in the boat, I realized just how profoundly the decks were stacked against independent truth tellers—and not only because we were self-financed and especially vulnerable to bullying regulations.
The Prize: The Epic Quest for Oil, Money & Power by Daniel Yergin
anti-communist, Ayatollah Khomeini, bank run, Berlin Wall, British Empire, colonial exploitation, Columbine, continuation of politics by other means, cuban missile crisis, energy security, European colonialism, Exxon Valdez, financial independence, fudge factor, informal economy, joint-stock company, land reform, liberal capitalism, megacity, Mikhail Gorbachev, Monroe Doctrine, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, old-boy network, postnationalism / post nation state, price stability, RAND corporation, rent-seeking, Ronald Reagan, shareholder value, Thomas Malthus, Yom Kippur War
Now he had done the same for Venezuela. The La Rosa strike confirmed that Venezuela could be a world-class producer. The discovery inaugurated a great oil frenzy. Over a hundred groups, mostly American, but some British, were soon active in the country. They extended from the largest companies down to independent oil men like William F. Buckley, who obtained a concession to build an oil port. The oil rush provided enormous opportunity for General Gomez to enrich himself. His family and cronies, the Gomecistas, would, infallibly, obtain choice concessions from the government and then resell them, at considerable profit, to the various foreign companies, passing on kickbacks to the general himself. Later, to formalize such matters, the general and his friends set up a paper outfit called Compania-Venezolana de Petroleo, but more familiarly known as "General Gomez's company."
As late as 1990, at age ninety-two, Hammer was still the active chairman of Occidental, and loyal stockholders continued to sing his praises. He was indeed in the line of the great buccaneer- creators of oil: Rockefeller, Samuel and Deterding, Gulbenkian, Getty and Mattei. He was also an anachronism, a privateer from the past, in spirit a "merchant from Odessa" circling the globe in his corporate jet in search of the next great deal. But it was a deal in Libya that had made possible his global tycoonery. The mad Libyan oil rush was already well along when, in 1965, Occidental won concessions there in the second round of bidding. Oxy's thick bid stood out midst the 119 others because it had been done up, under Hammer's personal supervision, on sheepskin manuscripts and was wrapped in red, black, and green ribbons—the colors of the Libyan flag. As one sweetener, Oxy promised to establish an agricultural experimental farm at a desert oasis that had been the childhood home of King Idris and the burial spot of his father.
Some months later, a senior Phillips executive was excitedly asked at a technical meeting in London what methods Phillips had used to diagnose the geology of the field. "Luck," he replied. Toward the end of 1970, British Petroleum announced the discovery of oil in the Forties field, on the British side, one hundred miles northwest of Ekofisk. It was a huge reservoir. A series of major strikes followed in 1971, including Shell and Exxon's discovery of the huge Brent field. The North Sea oil rush was on. The 1973 oil crisis turned the rush into a roar. Fortunately, a new generation of technology was either available or under development that would allow production to proceed in the North Sea, a province of the sort that the industry had never before attempted. The whole venture was risky and dangerous—physically and economically. Drilling rigs had to be able to work through water depths much greater than anything tried heretofore, and then still drill another four miles under the seabed.
The Windup Girl by Paolo Bacigalupi
"Should we pack it all back up?" Jaidee grimaces, finally shakes his head. "No. Burn it." "I'm sorry?" "Burn it. We both know what is happening here. Give the farang something to claim against their insurance companies. Let them know that their activity is not free." Jaidee grins. "Burn it all. Every last crate." And for the second time that night, as shipping crates crackle with fire and WeatherAll oils rush and ignite and kick sparks into the air like prayers going up to heaven, Jaidee has the satisfaction of seeing Kanya smile again. * * * It is nearly morning by the time Jaidee returns home. The ji ji ji of jingjok lizards punctuates the creak of cicadas and the high whine of mosquitoes. He slips off his shoes and climbs the steps, teak creaking under his feet as he steals into his stilt-house, feeling the smooth wood under his soles, soft and polished against his skin.
When the Iron Lady Ruled Britain by Robert Chesshyre
Berlin Wall, Big bang: deregulation of the City of London, British Empire, corporate raider, deskilling, Etonian, Fall of the Berlin Wall, financial deregulation, full employment, housing crisis, manufacturing employment, mass immigration, means of production, Neil Kinnock, North Sea oil, oil rush, Plutocrats, plutocrats, Right to Buy, Ronald Reagan, school choice, Silicon Valley, the market place, trickle-down economics, union organizing, wealth creators, young professional
The rest of Britain has been dying to get the “ABERDEEN GOES BUST” story. The danger is that if people think it is the end of the road, they will invest elsewhere. It is still a strong and diverse economy, and we must start paying more attention to the traditional side of things.’ Such men argued that Aberdeen had been inaccurately characterized as a former one-horse town that had enjoyed a few mad oil-rush years, and was about to revert to its primitive, dozy previous existence. In the early days of the boom, Americans would ask before they arrived whether the streets were paved, and some newcomers had been amazed to find a solid city, rather than a picturesque outpost of scattered crofts. ‘We weren’t going around in bare feet and kilts,’ said one businessman. An accountant delighted in taking visiting Americans to the university and showing them an archway inscribed with the date 1494, which was only two years after Columbus discovered America.
The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters by Gregory Zuckerman
activist fund / activist shareholder / activist investor, American energy revolution, Asian financial crisis, Bakken shale, Bernie Sanders, Buckminster Fuller, corporate governance, corporate raider, credit crunch, energy security, Exxon Valdez, housing crisis, hydraulic fracturing, LNG terminal, margin call, Maui Hawaii, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, Peter Thiel, reshoring, self-driving car, Silicon Valley, sovereign wealth fund, Steve Jobs, urban decay
For one thing, they had done a good job of acquiring acreage, such as in the Sholem Alechem oil field in southern Oklahoma, a productive field with an odd name and a colorful history. Some locals believed it was named after a Native American expression. It’s more likely that it was a tribute to Bill Krohn, a popular and outgoing reporter for the Daily Ardmoreite in the city of Ardmore. Krohn had been an indefatigable journalist who traveled to oil fields to visit workers, breaking news on new oil discoveries and chronicling the 1920s oil rush. When he saw a roughneck, he’d call out the traditional Jewish greeting of “shalom aleichem,” or “peace be unto you.” Krohn became a well-liked figure, and his greeting caught on. He even popularized the traditional Jewish response to this greeting: “aleichem shalom,” or “unto you, peace.” When a newcomer heard the odd phrase and gave Krohn a look of confusion, the reporter would buy the fellow a raspberry soda at a nearby confectionery store and explain it all to him.
Connectography: Mapping the Future of Global Civilization by Parag Khanna
1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, charter city, clean water, cloud computing, collateralized debt obligation, commoditize, complexity theory, continuation of politics by other means, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, digital map, diversification, Doha Development Round, edge city, Edward Snowden, Elon Musk, energy security, ethereum blockchain, European colonialism, eurozone crisis, failed state, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, fixed income, forward guidance, global supply chain, global value chain, global village, Google Earth, Hernando de Soto, high net worth, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial cluster, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, labour market flexibility, labour mobility, LNG terminal, low cost carrier, manufacturing employment, mass affluent, mass immigration, megacity, Mercator projection, Metcalfe’s law, microcredit, mittelstand, Monroe Doctrine, mutually assured destruction, New Economic Geography, new economy, New Urbanism, off grid, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Parag Khanna, Peace of Westphalia, peak oil, Pearl River Delta, Peter Thiel, Philip Mirowski, Plutocrats, plutocrats, post-oil, post-Panamax, private military company, purchasing power parity, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, TaskRabbit, telepresence, the built environment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, Tim Cook: Apple, trade route, transaction costs, UNCLOS, uranium enrichment, urban planning, urban sprawl, WikiLeaks, young professional, zero day
But China’s currency liberalization will make preventing Chinese money from flowing out of the country harder, and the Chinese passport now gets red-carpet treatment: Red is the new green. OIL AND WATER ACROSS THE WORLD’S LONGEST BORDER For centuries, natural resource supplies have lured waves of economic migrants seeking work and fortune. Today, Fort McMurray in Alberta, Canada, is one of those towns to which migrants have flocked in search of North America’s new “oil rush” riches. Canada only seriously tapped its oil sands (a patch larger than England) after the OPEC embargo of 1973. Suddenly Fort McMurray found itself properly incorporated as a city for the first time, and its population more than tripled to thirty thousand by 1980. In just the past ten years, the population has shot up again to eighty thousand. But that’s just the official population. The world of transient mobile laborers normally associated with Filipinos or Pakistanis in Dubai has come to Fort McMurray, where outside the city perimeter, on land owned and operated by oil companies, fifty thousand live in trailers and work tedious shifts as “rig pigs,” electricians, truckers, cafeteria servers, bartenders, prostitutes, and any other chore needed to keep energy levels high and oil pumping—even during the frigid winters.*8 The falling oil price has slowed Fort McMurray’s momentum but not its trajectory.
3D printing, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, Commodity Super-Cycle, corporate governance, creative destruction, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, John Markoff, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, liberal capitalism, Malacca Straits, Mark Zuckerberg, market bubble, mass immigration, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Paul Samuelson, Peter Thiel, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, The Future of Employment, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, working-age population
The money that poured into Silicon Valley start-ups in the late 1990s was also a good investment binge, since it left behind productive companies like Google, but its unraveling led in the short term to the 2001 recession. Now, as oil prices collapse, U.S. energy investments are plummeting, drilling rigs have been silenced from Texas to North Dakota, shale jobs are drying up, and shale boomtowns are turning into ghost towns. Though this oil rush leaves behind a productive new industry, a plus in the long run as it will likely keep a lid on U.S. energy prices, it poses a near-term risk because energy investment was such an important driver of U.S. growth in recent years, and that boost is now largely gone. The United States has also lost its advantage on the currency rule, which says that cheap is good. Until 2014 the United States was on the right course, with a cheap dollar making exports more competitive while discouraging spending on imports, and forcing the country to live within its means.
Making Globalization Work by Joseph E. Stiglitz
affirmative action, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, Berlin Wall, business process, capital controls, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Gini coefficient, global reserve currency, Gunnar Myrdal, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inventory management, invisible hand, John Markoff, Kenneth Arrow, Kenneth Rogoff, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative ﬁnance, race to the bottom, reserve currency, rising living standards, risk tolerance, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, trickle-down economics, union organizing, Washington Consensus, zero-sum game
The most daunting challenge in reforming globalization is to make it more democratic; a test of success will be in how well it succeeds in ensuring that these broader values triumph more often over simple corporate interests. CHAPTER 5 Lifting the Resource Curse t the turn of the twentieth century, czarist-ruled Azerbaijan was the world's biggest exporter of oil, and its largest city, Baku, on the shores of the Caspian Sea, was like the Wild West. People flooded in from all parts of Russia, intent on making money in the oil rush. Jews, Turkomans, Kazakhs, and assorted Europeans joined the fray. Real estate prices soared as the new arrivals competed for space. Oil rigs and refineries dotted the city. Alfred Nobel worked here for a while, and the park he built still remains. In the course of the century, Azerbaijan's oil made many people rich, yet much of the nation remained very poor. Today, Baku is littered with rusting old factories and equipment in what was known as the "black town," the grimy industrial area on the outskirts of the "white city," where oil millionaires once built vast houses and a boardwalk by the Caspian.'
Crude Volatility: The History and the Future of Boom-Bust Oil Prices by Robert McNally
American energy revolution, Asian financial crisis, banking crisis, barriers to entry, Bretton Woods, collective bargaining, credit crunch, energy security, energy transition, housing crisis, hydraulic fracturing, index fund, Induced demand, interchangeable parts, invisible hand, joint-stock company, market clearing, market fundamentalism, moral hazard, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, price discrimination, price stability, sovereign wealth fund, transfer pricing
Bloomberg News, January 28, 2015. http://www.bloomberg.com/news/articles/2015-01-27/saudi-aramco-capital-investment-to-drop-more-than-expected. Doan, Lynn, and Dan Murtaugh. “Shale as World’s Swing Producer Signals ‘Jagged’ Oil Future.” Bloomberg News, April 19, 2015. http://www.bloomberg.com/news/articles/2015-04-20/shale-as-world-s-swing-producer-signals-jagged-future-for-oil. Dolson, Hildegarde. The Great Oildorado: The Gaudy and Turbulent Years of the First Oil Rush: Pennsylvania 1859–1880. New York: Random House, 1959. Domanski, Dietrich, Jonathan Kearns, Marco Jacopo Lombardi, and Hyun Song Shin. “Oil and Debt.” Bank for International Settlements. March 18, 2015. http://www.bis.org/publ/qtrpdf/r_qt1503f.htm. Dombey, Daniel, and Javier Blas. “Naimi Tightlipped on Bush Oil Appeal.” Financial Times, January 16, 2008. Downey, Morgan. Oil 101. New York: Wooden Table Press LLC, 2009.
Unreal Estate: Money, Ambition, and the Lust for Land in Los Angeles by Michael Gross
Albert Einstein, Ayatollah Khomeini, bank run, Bernie Madoff, California gold rush, clean water, corporate raider, Donald Trump, estate planning, family office, financial independence, Irwin Jacobs, Maui Hawaii, McMansion, mortgage debt, Norman Mailer, offshore financial centre, oil rush, passive investing, pension reform, Ponzi scheme, Right to Buy, Robert Bork, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Steve Wozniak, The Predators' Ball, transcontinental railway, yellow journalism
Like Don Benito Wilson before him, Doheny hoped that the tarry stuff, which most still thought a useless nuisance, signaled the presence of oil, and with $400 that Canfield borrowed, leased the oozing parcel of land. Within months, they’d drilled the first successful oil well in L.A., and with the money it produced plus backing from banker Isaias Hellman, among others, began leasing every promising property they could find. An unprecedented oil rush followed. It had taken thirty-five years, but Wilson’s dream of a west coast oil boom had finally come true. As railroads switched from coal to oil power and the internal combustion engine set loose the automobile, oil became one of the Southland’s leading industries. In the years that followed, Canfield and Doheny expanded their empires, together and separately, leasing land and drilling wells all over the region.
Vanished Kingdoms: The Rise and Fall of States and Nations by Norman Davies
anti-communist, Berlin Wall, British Empire, Celtic Tiger, Corn Laws, en.wikipedia.org, energy security, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, labour mobility, land tenure, mass immigration, Mikhail Gorbachev, oil rush, oil shale / tar sands, Red Clydeside, Ronald Reagan, Skype, special economic zone, trade route, urban renewal
Yet it did not stand still either. After 1848 a wider railway network was built; export businesses increased, especially of timber, paper, sugar and tobacco; and several mechanized industries were launched. Oil, however, supplied the only resource to promise industrial development of more than provincial importance. Discovered in the 1850s in the district of Borysław-Drohobycz, it grew explosively into a wild oil-rush area of near-unregulated drilling and exploration. Foreign investment, mainly French and German, poured in. Borysław and nearby Tustanowice saw hundreds of oil shafts spring up in the muddy fields alongside the district’s only paved road, and 100 trains a day left the state refinery at Drohobycz. In 1908 the Galician oilfield claimed to be the third largest in the world after those of Texas and Persia.18 Even so, the deep-seated problems of Galicia’s rural economy deteriorated.
Titan: The Life of John D. Rockefeller, Sr. by Ron Chernow
California gold rush, collective bargaining, death of newspapers, delayed gratification, double entry bookkeeping, endowment effect, family office, financial independence, Frederick Winslow Taylor, George Santayana, God and Mammon, income inequality, invisible hand, Joseph Schumpeter, Louis Pasteur, Mahatma Gandhi, Menlo Park, New Journalism, oil rush, oil shale / tar sands, passive investing, Plutocrats, plutocrats, price discrimination, profit motive, Ralph Waldo Emerson, refrigerator car, The Chicago School, Thorstein Veblen, transcontinental railway, traveling salesman, union organizing, Upton Sinclair, white picket fence, yellow journalism
Destler, Chester McArthur. Henry Demarest Lloyd and the Empire of Reform. Philadelphia: University of Pennsylvania Press, 1963. ———. Roger Sherman and the Independent Oil Men. Ithaca, N.Y.: Cornell University Press, 1967. Diggins, John Patrick. Max Weber: Politics and the Spirit of Tragedy. New York: Basic Books, 1996. Dolson, Hildegarde. The Great Oildorado: The Gaudy and Turbulent Years of the First Oil Rush: Pennsylvania, 1859–1880. New York: Random House, 1959. Dreiser, Theodore. The Financier. Reprint. New York: Penguin, 1981 . Du Bois, W.E.B. The Autobiography of W.E.B. Du Bois: A Soliloquy on Viewing My Life from the Last Decade of Its First Century. New York: International Publishers, 1968. Ellmann, Richard. James Joyce. New and revised edition. New York: Oxford University Press, 1982.