POLS 2100 Lecture Notes - Lecture 6: Economic Rent, World Oil Market Chronology From 2003
20 Mar 2016
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Document Summary
Joseph and the pharaoh think about the difficulties or temptations of saving during those fat years. Rents are payments made periodically for the use of land or accommodation or for equipment . Economic rent and rentier states, the difference between the costs of exploitation and the price paid for a barrel of oil is the profit or, more accurately, rent. A rentier state is one that derices a significant percentage of its revenue from external economic rent which can include things like oil but also foreign aid. Oil producing states: libya, kuwait, oman, the united arab emirates, bahrain, and qatar. Oil industrializers: iraq, iran, algeria and saudi arabia. Non-middle eastern oil states, venezuela, nigeria, gabon, the united states, mexico, russia and canada. A series of sudden oil price increases, beginning in the early 1970s, put unprecedented sums of money into the hand of middle eastern and other oil- producing states. Oil wealth can provide a developmental shortcut.
