Edited by Peggy E. Chaudhry
Entrepreneurship, Growth and Development in Uncertain Times
Edited by Nick Williams and Tim Vorley
Prices, Production and Consumption
This chapter is an introduction to the most important topics regarding the crude oil market. Several data and facts of the market are briefly presented. An outstanding feature of crude oil at the core of public debates is its character as a fossil and non-renewable fuel. The chapter enlightens what this means in economic terms and how it is connected to the investigation at hand. As another issue, recent research on the oil market has, to a great part, focused on the driving forces of the oil price. In particular, our interest is in the question of whether economic fundamentals are the only factors influencing the price or whether speculation may also be effective. Finally, the role of OPEC and its potential power to impact on the oil market is considered.
Brad R. Humphreys, Jane E. Ruseski and Jie Yang
The question of the extent of complementarity between sports betting and spending on spectator sports viewing is addressed in this chapter using Canadian household spending data. They find that spending on betting and spending on spectator sports are indeed complementary. Intriguingly, they also find that betting and spending on sports participation are substitutes. This suggests that further deregulation of sports gambling in Canada could well lead to less physical activity and more sedentary life styles for Canadians.
Bulk Fresh Water, Irrigation Subsidies and Virtual Water
In the near future, climate change and global warming could trigger international trade in (bulk) fresh water on a far larger scale then is presently already the case. In this context, the question whether bulk fresh water is to be considered as a ‘good’ or a ‘product’, falling under the ambit of the GATT, is highly controversial. In fact, no decisive legal arguments against such an inclusion currently exist. Therefore, as a precautionary measure, legal scholars advocate formally excluding bulk fresh water from falling under the ambit of the GATT. Could such a scenario, if not utopian, effectively hinder international trade in bulk fresh water from developing, once the need is there? Excluding bulk fresh water from the ambit of the GATT is perhaps not to be considered as particularly compelling, since the WTO framework potentially offers sufficient leeway to effectively take into account non-trade concerns, such as environmental rights and the right to water. KEYWORDS: Climate change – global warming – water – trade – WTO – GATT