World Order final exam

Question 1

Who developed idea of ‘peak oil?’

Answer 1

King Hubbert

Question 2

Years for peak crude oil supply and oil discoveries in US

Answer 2

supply of crude peaked in 1970; discoveries of oil peaked in 1930

Question 3

According to Hubbert, what is more important than the market price of oil?

Answer 3

The cost of extraction. And it has been going up steadily

Question 4

Why is OPEC the “uncertain” price leader?

Answer 4

because it hasn’t been able to get the policies right to really control price

Question 5

Who made fracking a reality?

Answer 5

George Mitchell. Went to T A&M and hired scientists after WWII to work on this

Question 6

Method that makes fracking possible

Answer 6

horizontal drilling

Question 7

Things to remember about oil

Answer 7

1. 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.
2. Pop growth and industrialization the big drivers. So look at these things to understand oil demand

Question 8

Price of oil in US between 1925 and 1970

Answer 8

virtually flat in real terms

Question 9

Chinese fracking

Answer 9

1. Chinese shale has lots of clay
2. Shale deposits far from cities
3. Low water supply

Question 10

Doran’s definition of empire

Answer 10

not an exclusive political description, but rather, that of an economic and cultural pre-dominance

Question 11

Economic decline

Answer 11

Relative decline is what matters. Decline can take place even if economic growth is occuring.

Question 12

South-south trade

Answer 12

Emerging economies now account for 40 percent of all goods flows, and 60 percent of those go to other emerging economies

Question 13

When did China’s e-market overtake that of the US?

Answer 13

2013, with around $300 billion in sales

Question 14

When did the rate of world pop growth peak

Answer 14

Sometime around 1970

Question 15

Founder of modern demographic analysis. Introduced the log function to study population

Answer 15

Raymond Pearl

Question 16

Most important demographic metric according to Max Roser

Answer 16

fertility rate

Question 17

Studies of pop growth before 1960 and after 1970

Answer 17

Tended to underestimate growth before 1960. Overestimated growth after 1970

Question 18

Neo-realism

Answer 18

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

Question 19

3 features of power cycle theory

Answer 19

dynamic, pluralist, non-linear

Question 20

Major war is obsolete

Answer 20

Mandelbaum

Question 21

of ppl who join consumer class b/w 1990 and 2025

Answer 21

3 billion