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Oil price volatility has been highly criticized on many fronts,
from the top-level official to the average consumer. Authorities
for both producing and consuming nations have called for mechanisms
to restore order to a chaotic market.The author traces the
development of petroleum commodity markets, then examines the quest
by producers and consumers for stability in world oil markets. He
finds that modest producer and consumer gains can be realized
through negotiations that achieve removal of barriers to trade,
elimination of hurdles to foreign investment, and strengthening of
financial institutions.Verleger reviews previous attempts to
stabilize price fluctuations of other commodities and finds that
these efforts have invariably failed. He argues that the very size
of the oil market makes it unlikely that an effort to stabilize oil
prices would succeed. Moreover, he shows that an oil price
stabilization agreement would impose large costs on consumers.
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Loot
Nadine Gordimer
Paperback
(2)
R391
R362
Discovery Miles 3 620
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