Home
> BRICS, Corruption, Europe, Global Finance, History, Indian Economy, Politics, USA, World Economy > The shadow of oil
The shadow of oil
Fat and lazy
Between 1875-1935, Britain was dependent on India for gunpowder, on USA and Iran for oil, on Malaya and India for rubber. British economy had grown fat and uncompetitive – unlike Italian, German and Japanese economies.
Even though Britain won WWII, their economy was a lost cause. Though Germany, Italy and Japan were losers, with their economy in shambles, they could make a brilliant recovery and vastly out-compete Britain.
The story of Middle East oil is similar for USA and West. The Welfare State, built on a diet of cheap oil, easy dollars, is now too expensive for the West to sustain. The above book extract gives an excellent snapshot of the oil industry in the 20th century.
And the shadow of oil on the 21st century.
Related articles
- Onward, American Soldiers! Another million await death. (quicktake.wordpress.com)
- Out with the old? (bbc.co.uk)
- UK economy trailing (thesun.co.uk)
- Skidding Oil Prices: A Blip or a Trend? (green.blogs.nytimes.com)
Categories: BRICS, Corruption, Europe, Global Finance, History, Indian Economy, Politics, USA, World Economy
America, American Imperialism, Anglo-Saxon Bloc, Big Oil, Bretton Woods, Britain, Colonialism, Dollar Hegemony, Dollar Yuan, Europe, exploitation, Germany, gold, India, Iran, Italy, Japan, Middle East, oil dollar, Oil Dollar Tango, oil Politics, oil prices, Pax Americana, Petroleum industry, revaluation, United States, USA, West, World War II, WW2
Comments (0)
Trackbacks (0)
Leave a comment
Trackback