To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. The silicon chip, created out of sand, is emblematic of the economy of the mind, in which limits won’t be set by amounts of off but only by the restrictions placed on human innovation and creativ/ty. Truly deserving of the Pulitzer and a lot more. He deserves credit for acknowledging the economic successes of West Germany and various Pacific Rim countries, all huge oil importers.
Please, enable JavaScript and reload the page to enjoy our modern features. In fact, Yergin is inconsistent in his view as to whether the private sector or the government should control oil production. The author makes no clear declaration in either direction on such matters, but seems tacitly to lean toward the national security/market limiting agenda. While Yergin was writing a history of oil’s role in the world, and seemed to tie this role into most historic events of the past century, he still possessed the ability to discern the limits of oil. It's really important read for anyone in oil and gas industry to know its history, An excellent book with an exhaustive coverage. Perhaps the development of this knowledge economy will be the subject of another epic treatise of business history a century from now. Get the latest book reviews delivered bi-weekly.
In analyzing the early days of oil production in Russia, Yergin writes: “The development of the industry was severely restricted by the region’s backwardness and its remoteness [i.e., in Baku] and the corrupt, heavy-handed, and incompetent Czarist administration, which ran the minuscule oil industry as a state monopoly. However, he also issues caveats relating to the old “instability” straw man as it pertains to free markets. While this is an overstatement, oil has been the most critical, nonhuman economic resource throughout most of the 20th century.
Keywords: featured, Featured Article, History, Petroleum.
Anyone who thinks oil is a boring industry should read the book to have his/her views changed drastically.
Finally, at the beginning of the 1870s, the Russian government abolished the monopoly system and opened the area to competitive free enterprise.
Then it had been the Texas Railroad Commission system in the United States and the majors in the rest of the world.
The Prize is a well-written and well-researched addition to a branch of history that, until very recently, had been sadly neglected—business history. Yergin’s tome must be read to gain a true appreciation of its vast scope. Oil has often been referred to as the lifeblood of any economy.
The silicon chip, created out of sand, is emblematic of the economy of the mind, in which limits won’t be set by amounts of off but only by the restrictions placed on human innovation and creativ/ty. It seems clear that the burden of proof lies with the national security advocates who argue for limitations on the market. The first wells were drilled in 1871-72; and by 1873, more than twenty small refineries were at work.” Yet, in contrast, Yergin’s discussion of the anemic state of current Soviet oil production doesn’t address these critical issues of private property, entrepreneurship, and profit incentives.
All players got the same information at the same moment, and all could act on it in the next.” A vast improvement, one might say. He deserves credit for acknowledging the economic successes of West Germany and various Pacific Rim countries, all huge oil importers.
Except, perhaps, for not reminding his readers that the Garden of Eden was near some of the oldest known sources of petroleum, Yergin touches all possible bases in his striking history of "the age of oil."
In analyzing the early days of oil production in Russia, Yergin writes: “The development of the industry was severely restricted by the region’s backwardness and its remoteness [i.e., in Baku] and the corrupt, heavy-handed, and incompetent Czarist administration, which ran the minuscule oil industry as a state monopoly. Dr. Yergin received the Pulitzer Prize for the number one bestseller The Prize: The Epic Quest for Oil, Money & Power, which was also made into an eight-hour PBS/BBC series seen by 20 million people in the United States.
Then it was OPEC. The globe-spanning story of the oil industry from the first strikes of the 19th century through the Gulf War.
Oil has often been referred to as the lifeblood of any economy. Then it was OPEC.
Must read for all us “Hydrocarbon Men”. Having acknowledged various inconsistencies and shortcomings on matters of economics, I still can heartily recommend The Prize on the basis of its great historic breadth. It is so insightful, you will be tempted to read certain sections again and again to reinforce the logic.
At times he acknowledges the benefits of innovation, entrepreneurship, productivity, organization, and the price system that markets bring to bear. Unlimited FREE fast delivery, video streaming & more. Daniel Yergin illustrates the economic, political, societal, and geo-strategic importance of this commodity. Each page is full of learning new aspects of oil, power and politics. The book has been translated into 12 languages. Daniel Yergin illustrates the economic, political, societal, and geo-strategic importance of this commodity.
publishers of The methodical research is unparrralled.
For instance, Yergin declares in the book’s epilogue that “The years of past oil crises have demonstrated that, given time, markets will adjust and allocate.” Earlier, he even summarizes the development of the oil pricing system as it led to today’s futures markets: “Once it had been Standard Oil that had set the price. Perhaps the development of this knowledge economy will be the subject of another epic treatise of business history a century from now. A must read for the industry professionals as well as anyone who would like to get enlightened on the subject. The Prize is a well-written and well-researched addition to a branch of history that, until very recently, had been sadly neglected—business history.
In the book “The Prize: The Epic Quest for Oil, Money, And Power” by Daniel Yergin, the author illustrates the political, societal, economic, and geo-strategic prominence of this product.
Now price was being established, every day, instantaneously, on the open market, in the interaction of the floor traders on the Nymex [New York Mercantile Exchange] with buyers and sellers glued to computer screens all over the world.
While Yergin was writing a history of oil’s role in the world, and seemed to tie this role into most historic events of the past century, he still possessed the ability to discern the limits of oil. It’s nothing less than a thriller.
This page works best with JavaScript. With Donald Sutherland, Daniel Yergin, Norman Cooley, Stephanie Cran. At times he acknowledges the benefits of innovation, entrepreneurship, productivity, organization, and the price system that markets bring to bear.
Find helpful customer reviews and review ratings for The Prize: The Epic Quest for Oil, Money & Power at Amazon.com.
All players got the same information at the same moment, and all could act on it in the next.” A vast improvement, one might say. Yergin explores oil’s role in war, describes the ever-changing structure of the oil industry, and discusses the prominent and often colorful petroleum players. My only regret is that book does not cover the 2000s. Raymond J. Keating is an author and serves as Chief Economist with the Small Business & Entrepreneurship Council.
A must-read book send.
A beautiful read. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. General Information .
Loved the book. Yergin is known around the world for his book The Prize: the Epic Quest for Oil Money and Power, which was awarded the Pulitzer Prize. Its author Daniel Yergin was the first writer to bring oil into sharp focus as the most sought after PRIZE by the warring world powers. Yergin explores oil’s role in war, describes the ever-changing structure of the oil industry, and discusses the prominent and often colorful petroleum players.
Your recently viewed items and featured recommendations, Select the department you want to search in. History Documentary hosted by Donald Sutherland, published by PBS in 1992 - English narration [] Cover[] InformationIn the style of the acclaimed CIVIL WAR series, THE PRIZE tells the epic history of oil - how it has dominated global politics, …
A great deal of oil action happened in this decade.
Mr. Keating is New York Director of Citizens for a Sound Economy.
It became a number one New York Times best seller and has been translated into 20 languages.
Read honest and unbiased product reviews from our users. This is superb read and has a wide coverage of the origins of the oil industry, 'the motor of the world', and how it has come to be.
Yergin does explore the legitimate debate as to when national security takes precedence over the market, and when the two might be in conflict. The Prize: The Epic Quest For Oil, Money And Power.
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