World Order final exam Flashcards
Who developed idea of ‘peak oil?’
King Hubbert
Years for peak crude oil supply and oil discoveries in US
supply of crude peaked in 1970; discoveries of oil peaked in 1930
According to Hubbert, what is more important than the market price of oil?
The cost of extraction. And it has been going up steadily
Why is OPEC the “uncertain” price leader?
because it hasn’t been able to get the policies right to really control price
Who made fracking a reality?
George Mitchell. Went to T A&M and hired scientists after WWII to work on this
Method that makes fracking possible
horizontal drilling
Things to remember about oil
- The economics of the oil industry work differently than others because it’s non-renewable. The cost of extraction is the biggest economic factor in oil.
- Pop growth and industrialization the big drivers. So look at these things to understand oil demand
Price of oil in US between 1925 and 1970
virtually flat in real terms
Chinese fracking
- Chinese shale has lots of clay
- Shale deposits far from cities
- Low water supply
Doran’s definition of empire
not an exclusive political description, but rather, that of an economic and cultural pre-dominance
Economic decline
Relative decline is what matters. Decline can take place even if economic growth is occuring.
South-south trade
Emerging economies now account for 40 percent of all goods flows, and 60 percent of those go to other emerging economies
When did China’s e-market overtake that of the US?
2013, with around $300 billion in sales
When did the rate of world pop growth peak
Sometime around 1970
Founder of modern demographic analysis. Introduced the log function to study population
Raymond Pearl
Most important demographic metric according to Max Roser
fertility rate
Studies of pop growth before 1960 and after 1970
Tended to underestimate growth before 1960. Overestimated growth after 1970
Neo-realism
The type of international system will determine the degree of stability. Power cycle theory disagrees with this. However, there is no evidence is that one type of system is more stable than the other, and this is convincing across time and the regions, as well as across the system a whole
3 features of power cycle theory
dynamic, pluralist, non-linear
Major war is obsolete
Mandelbaum
of ppl who join consumer class b/w 1990 and 2025
3 billion
