POL SCI 157 Lecture Notes - Lecture 4: 1973 Oil Crisis, Mohammad Mosaddegh, Resource Curse
Document Summary
Oil rich countries: those that generate at least 100 dollars per capita in oil and gas in a year. Resource curse: natural resources tend to lead to less economic growth less democracy less development more authoritarianism more civil wars. Rentier states - get most of there money from oil countries that rent out use of resources from country. Oil curse: getting rich from oil is a fundamentally different path to development, data problems, oil is important but only a partial explanation. Colonial era 1860-1960: great powers other than us and ussr needed access to oil, decolonization but continued control through the seven sisters. Prime example was iranian prime minister mosaddeq who us and uk overthrew. Opec founded, 1960: organization of the petroleum exporting countries. Iran iraq saudi arabia kuwait and venezuela: nationalization of oil industries, shift in power of wealth from oil companies to countries. 1973 oil shock: 3 usd per barrel to 12 usd.
