Oil Crises Of The 1970s And The Transformation Of International Order

The 1970s are widely seen as a turning point for the world economy and a transformative decade for the international order. This volume explores the role played by the oil crises in this transformation, focusing particularly on their impact in previously little-studied regions such as Asia and Africa. Examining the intersection between the oil crises and the Third World project, their impact on Asian economic development and the contrasting responses of two African countries, this collection covers new ground on the global and regional effects of the crises, and ties them into the key transformations of the international economy and the Cold War order. Arguing that they were instrumental in reshaping the Asian economies, helping to instigate the boom known as the 'East Asian Miracle', it also demonstrates how the individual responses of countries reflected their own specific circumstances. With chapters from leading scholars such as David Painter and Dane Kennedy, this book shows how the origins, course and consequences of the oil crises of the 1970s are crucial to understanding the transformation of the international order in the late twentieth century.

The 1970s are widely seen as a turning point for the world economy and a transformative decade for the international order. This volume explores the role played by the oil crises in this transformation, focusing particularly on their impact in previously little-studied regions such as Asia and Africa. Examining the intersection between the oil crises and the Third World project, their impact on Asian economic development and the contrasting responses of two African countries, this collection covers new ground on the global and regional effects of the crises, and ties them into the key transformations of the international economy and the Cold War order. Arguing that they were instrumental in reshaping the Asian economies, helping to instigate the boom known as the 'East Asian Miracle', it also demonstrates how the individual responses of countries reflected their own specific circumstances. With chapters from leading scholars such as David Painter and Dane Kennedy, this book shows how the origins, course and consequences of the oil crises of the 1970s are crucial to understanding the transformation of the international order in the late twentieth century.

Essay from the year 2004 in the subject Business economics - Economic and Social History, grade: 2,0, Turku School of Economics (Department of economics), course: Economic History and Development, language: English, abstract: Nowadays oil is still the world’s most important single source of energy. The world’s industry is influenced by the cost of energy which, in turn, is influenced by the price of crude oil, taxation and other factors. If the cost of energy goes up, then prices of goods and services will increase, subsequently it will cause lower availability of products, higher transportation’s costs and in turn lower economic growth. The latter will influence negatively the efficiency and productivity of the whole world’s industry. This means that if oil prices go too high or too low there will be unlikely consequences for both oil producers and oil consumers. This paper analyzes the oil crisis of 1970ies. The first section concerns the history of the October War (6 – 23 October 1973) that led to the oil embargo, one of the most dramatic events for the world economy. The embargo lasted six months, beginning on 17 October 1973 and ending on 18 March 1974. The second section deals with the impact of the energy crisis on different countries. It caused terrible consequences for the economies of all industrialized countries such as recession, inflation, unemployment, lost economic growth and stagflation. But the essential question is whether the energy crisis was a real shortage or mainly a matter of politics.

This title examines the large-scale structural upheaval of the 1970s by transcending the standard frameworks of national borders and superpower relations. It reveals an international system in the throes of enduring transformations.

An authoritative history of the energy crises of the 1970s and the world they wrought In 1973, the Arab OPEC cartel banned the export of oil to the United States, sending prices and tempers rising across the country. Dark Christmas trees, lowered thermostats, empty gas tanks, and the new fifty-five-mile-per-hour speed limit all suggested that America was a nation in decline. “Don’t be fuelish” became the national motto. Though the embargo would end the following year, it introduced a new kind of insecurity into American life—an insecurity that would only intensify when the Iranian Revolution led to new shortages at the end of the decade. As Meg Jacobs shows, the oil crisis had a decisive impact on American politics. If Vietnam and Watergate taught us that our government lied, the energy crisis taught us that our government didn’t work. Presidents Nixon, Ford, and Carter promoted ambitious energy policies that were meant to rally the nation and end its dependence on foreign oil, but their efforts came to naught. The Democratic Party was divided, with older New Deal liberals who prized access to affordable energy squaring off against young environmentalists who pushed for conservation. Meanwhile, conservative Republicans argued that there would be no shortages at all if the government got out of the way and let the market work. The result was a political stalemate and panic across the country: miles-long gas lines, Big Oil conspiracy theories, even violent strikes by truckers. Jacobs concludes that the energy crisis of the 1970s became, for many Americans, an object lesson in the limitations of governmental power. Washington proved unable to design an effective national energy policy, and the result was a mounting skepticism about government intervention that set the stage for the rise of Reaganism. She offers lively portraits of key figures, from Nixon and Carter to the zealous energy czar William Simon and the young Donald Rumsfeld and Dick Cheney. Jacobs’s absorbing chronicle ends with the 1991 Gulf War, when President George H. W. Bush sent troops to protect the free flow of oil in the Persian Gulf. It was a failure of domestic policy at home that helped precipitate military action abroad. As we face the repercussions of a changing climate, a volatile oil market, and continued turmoil in the Middle East, Panic at the Pump is a necessary and lively account of a formative period in American political history.

The 1973 'Oil Shock' is considered a turning point in the history of the twentieth century. At the time it seemed to mark a definitive shift from the era of low priced oil to the era of expensive oil. For most Western industrialized countries, it became the symbolic marker of the end of an era. For many oil producers, it translated into an unprecedented control over their energy resources, and completed the process of decolonization, leading to a profound redefinition of international relations.This book provides an analysis of the crisis and its global political and economic impact. It features contributions from a range of perspectives and approaches, including political, economic, environmental, international and social history. The authors examine the origins of what was defined as an 'oil revolution' by the oil-producing countries, as well as the far-reaching effects of the 'shock' on the Cold War and decolonization, on international energy markets and the global economy. In doing so, they help place the event in its historical context as a key moment in the transformation of the international economy and of North-South relations.

The US-led war against Iraq in 2003 represented the most dramatic shake-up of regional politics in the Gulf for more than a decade. This book contains an up-to-date analysis of central questions affecting the construction of a post-Ba'th regime in Iraq, and charts possible ways forward in other key states of the region such as Saudi Arabia and Iran. At the heart of the analysis lies the tension between the US-sponsored vision of a democratic, free market Gulf region and local resistance to this model. This resistance, appearing in the shape of alternative visions of democracy and the state, could potentially present a challenge to US policy through the spread of repressive policies or terrorism, especially if Washington chooses to sideline the social forces behind it. Conversely, if this resistance were taken seriously by the US, it could form a point of departure for more fruitful interaction between traditions of government from the West and local politics. Future developments on this important issue will be of immense significance for the management of some of the world's largest oil and gas reserves, with immediate implications for both regional political stability as well as for the world economy.

The dramatic decline of democracy in East-Central Europe has attracted great interest world-wide. Going beyond the narrow spectrum of the extensive literature on this topic, this book offers a comprehensive analysis of ECE region – Czech Republic, Hungary, Poland, Slovakia and Slovenia – from systemic change in 1989 to 2019 to explain the reasons of the collapse of ECE democratic systems in the 2010s.