The Restructuring of Energy Industries in the Framework of Economic Globalisation
Article from: OGEL 3 (2004), in Energy, Institutional Reforms and Development in Latin America
English Abstract
Thirty years ago, many people thought the world would run short of oil before the end of the century. In 2003, oil, coal and natural gas are abundant and relatively cheap. Price mechanisms alone do not fully explain this change. Following Joseph Schumpeter's advice, we attempt to understand how global capitalism has transformed the structure of energy industries. For oil, coal, natural gas, electricity and end-use energy industries, we find very similar sequences: industrial reorganisation, technological change, market internationalisation and new industrial organisations. These structural ...