OIL  (CONT)

central Asia. Taiwan, Vietnam, Malaysia and Indonesia have clashed over underwater oil reserves in the South China Sea. Saudi Arabia and Iran are rivals in the Gulf, while Iran and Turkey are eyeing Iraq. Greater international co-operation seems the obvious solution, but the reality is that as the resources crunch bites more deeply, the world is becoming steadily more fragmented and divided.

We are a long way from the fantasy world of only a decade ago, when fashionable gurus were talking sagely of the knowledge economy. Then, we were told material resources did not matter any more - it was ideas that drove economic development. The business cycle had been left behind and an era of endless growth had arrived. Actually, the knowledge economy was an illusion created by cheap oil and cheap money and everlasting booms always end in tears. This is not the end of the world or of global capitalism, just history as usual.

What is different this time is climate change. Rising sea levels reduce food and fresh-water supplies, which may trigger large-scale movements of refugees from Africa and Asia into Europe. Global warming threatens energy supplies. As the fossil fuels of the past become more expensive, others, such as tar sands, are becoming more economically viable, but these alternative fuels are also dirtier than conventional oil.

In this round of the Great Game, energy shortage and global warming are reinforcing each another. The result can only be a growing risk of conflict. There were around 1.65 billion people in the world when the last round was played out. At the start of the 21st century, there are four times as many, struggling to secure their future in a world being changed out of recognition by climate change. It would be wise to plan for some more of history's rhymes.

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