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Oil and Unbalanced Globalization
Erik Voeten
Georgetown University - Edmund A. Walsh School of Foreign Service (SFS)
Michael L. Ross
University of California, Los Angeles (UCLA) - Department of Political Science
March 28, 2013
Abstract:
Oil-exporting states occupy a paradoxical position in the international system. Economically, they are highly globalized, as large flows of goods, services, capital, people, and information travel across their borders. They are also the source of the world’s single most valuable commodity, and hence influential. Yet politically, they are strikingly unglobalized: they are exceptionally reluctant to participate in international institutions that require binding commitments. We demonstrate empirically that oil wealth is associated with both high levels of economic and social integration and low levels of political integration – a condition we call “unbalanced globalization,” in contrast to more balanced globalization of other countries. We also develop an explanation for it, based on the unique advantages in trade and finance of the oil-exporting states, and their tendency to export an unusually narrow range of goods.
Number of Pages in PDF File: 53
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Date posted: August 25, 2011
; Last revised: April 29, 2013
Suggested CitationVoeten, Erik and Ross, Michael L., Oil and Unbalanced Globalization (March 28, 2013). Available at SSRN: http://ssrn.com/abstract=1900226 or http://dx.doi.org/10.2139/ssrn.1900226
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