A New Global Debt Cycle

Ryan C. Smith ()

Chapter Chapter 7 in The Real Oil Shock, 2022, pp 115-135 from Springer

Abstract: Abstract The petrocapital recycling process gave birth to a new global debt cycle and central to this process was the international syndicated loan. This instrument was not new in 1973 but it was still a novel, infrequently used method for procuring and redistributing capital. Petrocapital recycling caused an explosion of their use, channeling capital on a global scale while also enmeshing the capitalist world in the first major debt system since the Great Depression.

Date: 2022
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DOI: 10.1007/978-3-031-07131-7_7

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