State, oil, and Accumulation; from Boom to Crisis

Bibliographic Data

ID4476119
AuthorsM Watts (0000-0003-1559-3091, Department of Geography, University of California, Berkeley, CA 94720, USA, corresponding author)
Year1984
Volume2
Issue4
Pages403-428
Publication date1984-12-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEnvironment and Planning D Society and Space (JOURNAL)
Journal identifiersISSN: 0263-7758 • E-ISSN: 1472-3433
PublisherSAGE Publications Inc (PUBLISHER)
DOI10.1068/d020403
OpenAlexW2034672971
LanguageEN
Citations received12
References cited34

The sharp increase in crude petroleum prices during the 1970s had a startling impact on state, economy, and society among oil producers. The meteoric growth of oil rents not only enlarged and centralized the state itself but simultaneously internationalized and domesticated the public sector. Fiscal rather than market mechanisms played a significant role in all oil-producing states, especially in so-called high absorbers. Adopting Nigeria as an example of oil-based accumulation, I examine (a) the general impact of oil rents on preexisting economic, political, and social relations; (b) the specific relations between oil-based public investment and capitalist development, using the case of the agrarian sector, and (c) the effects of the downturn in oil demand and prices upon Nigerian political economy

Agrarian society · Agriculture · Boom · Economic policy · Economic rent · Economic system · Economics · Economy · Geography · Investment (military · Macroeconomics · Market economy · Oil boom · Petroleum · Political science · Politics · State (computer science · African studies and sociopolitical issues · Natural Resources and Economic Development

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