
The World Needs an Oil Buyers’ Club
Isabella Weber and Gregor Semieniuk
As the world is plunged into another energy crisis, market allocation is leading to grossly unjust outcomes, as the rich outbid the poor.
Author profile

Isabella M. Weber, Associate Professor of Economics at the University of Massachusetts Amherst, is Climate Policy Fellow at the Roosevelt Institute and the author of How China Escaped Shock Therapy: The Market Reform Debate (Routledge, 2021).

Isabella Weber and Gregor Semieniuk
As the world is plunged into another energy crisis, market allocation is leading to grossly unjust outcomes, as the rich outbid the poor.

Economists and political leaders at multilateral institutions have finally accepted profits are a primary driver of inflation.