Man is the only animal that trips twice over the same stone

Maria Lorca-Susino

MPRA Paper from University Library of Munich, Germany

Abstract: Since mid-2009 the world has been experiencing a feeble economic recovery that has been halted by an increase in oil prices which have negatively affected the recovery. History has taught us that the world has developed thanks to major industrial revolutions which have foster economic growth. The first industrial revolution took place in the 19th century when engineers started using refined coal which helped the first step of industrialization. The second major economic revolution came in the 20th century when the world moved forward due to the development of the petroleum industry with fuel oil and gasoline as a source of energy. The world’s industrial performance and economic growth in the 21st century is still stuck on fuel oil and gasoline a limited resource which has become a source of political and economic instability.

Keywords: Oil crisis; economics, political turmoil (search for similar items in EconPapers)
JEL-codes: Q43 (search for similar items in EconPapers)
Date: 2011-07-10
New Economics Papers: this item is included in nep-ene and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:33295

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