| ID | 133275 |
| Title Proper | Emperor has no clothes |
| Other Title Information | the limits of OPEC in the global oil market |
| Language | ENG |
| Author | Colgan, Jeff D |
| Publication | 2014. |
| Summary / Abstract (Note) | Scholars have long debated the causal impact of international institutions such as the World Trade Organization or the International Monetary Fund. This study investigates Organization of Petroleum Exporting Countries (OPEC), an organization that purports to have significant influence over the market for the world's most important commodity-petroleum. Using four empirical tests, I find that OPEC has little or no impact on its members' production levels. These findings prompt the question of why so many people, including scholars, believe in OPEC's influence over the world's oil supply. The idea of OPEC as a cartel is a "rational myth" that supports the organization's true principal function, which is to generate political benefits for its members. One benefit it generates is international prestige. I test this idea using data on diplomatic representation and find that OPEC membership is associated with increased international recognition by other states. Overall, these findings help one to better understand international regimes and the process of ideational change in world politics. |
| `In' analytical Note | International Organization Vol.68, No.3; Sum.2014: p.599-632 |
| Journal Source | International Organization Vol.68, No.3; Sum.2014: p.599-632 |
| Key Words | International Organization - IO ; Energy Policy ; Petro Economy ; Global Energy Market - GEM ; OPEC ; Global Oil Market - GOM ; Energy Politics ; World Politics ; Energy Security ; Energy Strategy ; International Monetary Fund - IMF ; International Prestige ; International Recognition ; Diplomatic Representation ; Political Interest ; Economic Interest ; Significant Influence ; World Trade Organization - WTO |