abstract:A petrodollar is a United States dollar earned by a country through the sale of its petroleum (oil) to another country.The Petrodollar The term was coined in 1973 by Georgetown University economics professor, Ibrahim Oweiss, who recognized the need for a term that could describe the dollar received by petroleum exporting countries (OPEC) in exchange for oil.
However, as the Dollarcontinuouslydepreciatesand also due to some other factors such as TwinDeficits and NewTriffin Dilemma, the Petro-Dollarsystem has been on the slide.
We need to create a whole-government, whole-society approach that learns from and taps into the new global geography of innovation, the waves of innovation coming from Indian designers focused on the rural poor, the talent factories of a resurgent China, the petro-dollar-fueled innovation hubs of the Middle East and the disaster-honed civil innovation capabilities of Chile, for instance.