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No Ordinary WomanThe Life of Edith Penrose$
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Angela Penrose

Print publication date: 2017

Print ISBN-13: 9780198753940

Published to Oxford Scholarship Online: November 2017

DOI: 10.1093/oso/9780198753940.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 11 December 2019

Oil

Oil

An industry in trouble

Chapter:
(p.210) 12 Oil
Source:
No Ordinary Woman
Author(s):

Angela Penrose

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198753940.003.0013

The chapter covers Edith’s research into the oil industry and multinational companies, and the rise of the Organization of Petroleum Exporting Countries, including publication of The Large International Firm in Developing Countries (1968), which challenged the traditional theories of international trade and investment as they applied to the oil industry. She was the first to discover the significance of transfer pricing and tax avoidance. She started seminars on the international petroleum industry with Peter Odell and later with Robert Mabro, at St Anthony’s College, Oxford. Edith travelled extensively, analysing the impact of multinationals on the economic welfare of the countries in which they operated, focusing on the efforts made by governments to retain as much as possible of their economic and political sovereignty, while still benefiting from the resources and capabilities of foreign investors. By the time of the ‘oil crisis’ of 1973 she was considered one of the top oil economists in the world.

Keywords:   Organization of Petroleum Exporting Countries, oil industry, transfer pricing, oil crisis, oil economist, multinational

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