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dc.contributor.authorHanieh, A
dc.date.accessioned2022-01-17T10:07:18Z
dc.date.issued2021-12-22
dc.date.updated2022-01-14T16:34:59Z
dc.description.abstractThis article explores the financialisation of the world's most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) - a view that the exchange of loanable sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy.en_GB
dc.format.extent70-113
dc.identifier.citationVol. 29(4), pp. 70-113en_GB
dc.identifier.doihttps://doi.org/10.1163/1569206x-12342075
dc.identifier.urihttp://hdl.handle.net/10871/128431
dc.language.isoenen_GB
dc.publisherBrill Academic Publishersen_GB
dc.rights© 2021 Brill Academic Publishersen_GB
dc.subjectfinancialisationen_GB
dc.subjectoilen_GB
dc.subjectfinance capitalen_GB
dc.subjectclimate changeen_GB
dc.titleThe Commodities Fetish? Financialisation and Finance Capital in the US Oil Industryen_GB
dc.typeArticleen_GB
dc.date.available2022-01-17T10:07:18Z
dc.identifier.issn1465-4466
dc.descriptionThis is the author accepted manuscript. The final version is available from Brill via the DOI in this recorden_GB
dc.identifier.eissn1569-206X
dc.identifier.journalHistorical Materialismen_GB
dc.relation.ispartofHistorical Materialism, 29(4)
dc.rights.urihttp://www.rioxx.net/licenses/all-rights-reserveden_GB
rioxxterms.versionAMen_GB
rioxxterms.licenseref.startdate2021-12-22
rioxxterms.typeJournal Article/Reviewen_GB
refterms.dateFCD2022-01-17T10:03:08Z
refterms.versionFCDVoR
refterms.dateFOA2022-01-17T10:07:40Z
refterms.panelDen_GB


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