The Oil Crisis In The 1970s And Its Consequences For The World Economy

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The oil crisis in the 1970s and its consequences for the world economy

David Wieblitz,Filipo Comazzi
The oil crisis in the 1970s and its consequences for the world economy Book PDF

Author : David Wieblitz,Filipo Comazzi
Publisher : GRIN Verlag
Page : 22 pages
File Size : 42,6 Mb
Release : 2006-07-23
Category : Social Science
ISBN : 9783638525756

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The oil crisis in the 1970s and its consequences for the world economy by David Wieblitz,Filipo Comazzi Pdf

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.

Oil Shock

Elisabetta Bini,Giuliano Garavini,Federico Romero
Oil Shock Book PDF

Author : Elisabetta Bini,Giuliano Garavini,Federico Romero
Publisher : Bloomsbury Publishing
Page : 281 pages
File Size : 46,9 Mb
Release : 2016-05-27
Category : Political Science
ISBN : 9780857727558

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Oil Shock by Elisabetta Bini,Giuliano Garavini,Federico Romero Pdf

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 Great Inflation

Michael D. Bordo,Athanasios Orphanides
The Great Inflation Book PDF

Author : Michael D. Bordo,Athanasios Orphanides
Publisher : University of Chicago Press
Page : 545 pages
File Size : 45,8 Mb
Release : 2013-06-28
Category : Business & Economics
ISBN : 9780226066950

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The Great Inflation by Michael D. Bordo,Athanasios Orphanides Pdf

Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Oil and the International Economy

Georg Koopmann,Klaus Matthies,Beate Reszat
Oil and the International Economy Book PDF

Author : Georg Koopmann,Klaus Matthies,Beate Reszat
Publisher : Transaction Publishers
Page : 456 pages
File Size : 42,5 Mb
Release : 2024-06-25
Category : Business & Economics
ISBN : 1412829941

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Oil and the International Economy by Georg Koopmann,Klaus Matthies,Beate Reszat Pdf

The oil price increases of the 1970s left deep marks on the world economy. They led to a massive redistribution of income in favor of oil-producing countries, and caused serious disruption of growth, imbalances in foreign trade, and problems of stability in oil-importing countries. Despite the present levelling off, the authors suggest that more price increases remain a distinct possibility. "Oil and the International Economy "examines the effects of rising oil prices on the international financial system and identifies ways that oil-importing countries can overcome the financial and adjustment problems caused by them. The authors project the long-term trend in real oil prices and present economic policy options to help avoid future financial problems for industrialized and developing nations alike. Contents: The World Oil Market after the Oil Price Shocks; Future Trends in the Demand for Oil; Future Trends in the Supply of Oil; Balance-of-Payments and Exchange-Rate Adjustment: Current Account Developments in Times of Rising Oil Prices and Effects on Exchange Rates; The Effects of Real Oil Price Increases on Energy and Raw Material Prices; Repercussions on the General Price Level; Implications for the German Monetary and Exchange Rate Policy; Are Real Oil Price Increases a Brake on Growth?; Options for Economic Policy; The Struggle for Markets in the Oil-Producing Countries; The Oil-Producing Countries as Competitors in the Manufacturing Sector; Consequences for Trade Between Oil-Importing Countries.

International Dimensions of Monetary Policy

Jordi Galí,Mark Gertler
International Dimensions of Monetary Policy Book PDF

Author : Jordi Galí,Mark Gertler
Publisher : University of Chicago Press
Page : 663 pages
File Size : 55,5 Mb
Release : 2010-03-15
Category : Business & Economics
ISBN : 9780226278872

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International Dimensions of Monetary Policy by Jordi Galí,Mark Gertler Pdf

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

The Shock of the Global

Niall Ferguson,Erez Manela,Daniel J. Sargent
The Shock of the Global Book PDF

Author : Niall Ferguson,Erez Manela,Daniel J. Sargent
Publisher : Belknap Press
Page : 449 pages
File Size : 42,7 Mb
Release : 2011
Category : Business & Economics
ISBN : 9780674061866

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The Shock of the Global by Niall Ferguson,Erez Manela,Daniel J. Sargent Pdf

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.

Panic at the Pump

Meg Jacobs
Panic at the Pump Book PDF

Author : Meg Jacobs
Publisher : Macmillan + ORM
Page : 401 pages
File Size : 41,8 Mb
Release : 2016-04-19
Category : History
ISBN : 9780374714895

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Panic at the Pump by Meg Jacobs Pdf

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.

Oil Prices and the Global Economy

Mr.Rabah Arezki,Zoltan Jakab,Mr.Douglas Laxton,Mr.Akito Matsumoto,Armen Nurbekyan,Hou Wang,Jiaxiong Yao
Oil Prices and the Global Economy Book PDF

Author : Mr.Rabah Arezki,Zoltan Jakab,Mr.Douglas Laxton,Mr.Akito Matsumoto,Armen Nurbekyan,Hou Wang,Jiaxiong Yao
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,9 Mb
Release : 2017-01-27
Category : Business & Economics
ISBN : 9781475572360

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Oil Prices and the Global Economy by Mr.Rabah Arezki,Zoltan Jakab,Mr.Douglas Laxton,Mr.Akito Matsumoto,Armen Nurbekyan,Hou Wang,Jiaxiong Yao Pdf

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.

The Netherlands and the Oil Crisis

Duco Hellema,Cees Wiebes,Toby Witte
The Netherlands and the Oil Crisis Book PDF

Author : Duco Hellema,Cees Wiebes,Toby Witte
Publisher : Amsterdam University Press
Page : 321 pages
File Size : 40,6 Mb
Release : 2004
Category : History
ISBN : 9789053564851

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The Netherlands and the Oil Crisis by Duco Hellema,Cees Wiebes,Toby Witte Pdf

This incisive study examines the role of the Netherlands in the October War and the oil crisis of 1973. The authors contend that the actions of the Dutch government were hypocritical: the Dutch government faced a domestic crisis when an oil embargo was levied against them by Arab countries for selling arms to Israel; yet after oil began arriving again two months later, the Dutch rejected a proposal for a stricter interventionist energy policy within the European Union. A probing and thought-provoking study, The Netherlands and the Oil Crisis draws on previously unavailable archival sources to shed new light on a pivotal moment in contemporary Dutch history.

The Oil Crisis

Fiona Venn
The Oil Crisis Book PDF

Author : Fiona Venn
Publisher : Routledge
Page : 244 pages
File Size : 45,5 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105112270330

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The Oil Crisis by Fiona Venn Pdf

Appendix Three: Chronology of a Month of Crisis: October 1973 -- Guide to Further Reading -- Index

Economic Policy and the Great Stagflation

Alan S. Blinder
Economic Policy and the Great Stagflation Book PDF

Author : Alan S. Blinder
Publisher : Elsevier
Page : 244 pages
File Size : 45,5 Mb
Release : 2013-09-11
Category : Business & Economics
ISBN : 9781483264561

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Economic Policy and the Great Stagflation by Alan S. Blinder Pdf

Economic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also elaborated. This publication is beneficial to economists and students researching on the history of the Great Stagflation and policy errors of the 1970s.

The Economics and Politics of China’s Energy Security Transition

Hongtu Zhao
The Economics and Politics of China s Energy Security Transition Book PDF

Author : Hongtu Zhao
Publisher : Academic Press
Page : 394 pages
File Size : 53,8 Mb
Release : 2018-09-05
Category : Business & Economics
ISBN : 9780128151532

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The Economics and Politics of China’s Energy Security Transition by Hongtu Zhao Pdf

The Economics and Politics of China’s Energy Security Transition clarifies China’s energy and foreign policies through a comprehensive examination of energy sources, providing an insider’s unique perspective for assessing China’s energy policies. China’s historic decline in coal consumption since 2013-2014 and a plateauing of its carbon dioxide emissions have given China an unprecedented opportunity to decarbonize while growing its economy. In response to global questions about China’s institutional, administrative, and political challenges and risks, this book provides the answers that everyone is asking. Provides a rare assessment of China’s energy policies and reveals insights into the Chinese government Devotes attention to issues of global energy governance and energy sanctions Includes data and reference content suitable for researchers in economics, sustainability, energy policy, geopolitics and political science

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 41,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The Prize

Daniel Yergin
The Prize Book PDF

Author : Daniel Yergin
Publisher : Simon and Schuster
Page : 928 pages
File Size : 52,8 Mb
Release : 2012-09-11
Category : Social Science
ISBN : 9781471104756

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The Prize by Daniel Yergin Pdf

The Prize recounts the panoramic history of oil -- and the struggle for wealth power that has always surrounded oil. This struggle has shaken the world economy, dictated the outcome of wars, and transformed the destiny of men and nations. The Prize is as much a history of the twentieth century as of the oil industry itself. The canvas of this history is enormous -- from the drilling of the first well in Pennsylvania through two great world wars to the Iraqi invasion of Kuwait and Operation Desert Storm. The cast extends from wildcatters and rogues to oil tycoons, and from Winston Churchill and Ibn Saud to George Bush and Saddam Hussein. The definitive work on the subject of oil and a major contribution to understanding our century, The Prize is a book of extraordinary breadth, riveting excitement -- and great importance.

Oil and the Western Economic Crisis

Helen Thompson
Oil and the Western Economic Crisis Book PDF

Author : Helen Thompson
Publisher : Springer
Page : 118 pages
File Size : 42,6 Mb
Release : 2017-05-18
Category : Political Science
ISBN : 9783319525099

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Oil and the Western Economic Crisis by Helen Thompson Pdf

This book explains the place of oil in the economic and political predicaments that now confront the West. Thompson explains the problems that the rising cost of oil posed in the years leading up to the 2008 crash, and the difficulties that a volatile oil market now poses to economic recovery under the conditions of high debt, low growth and quantitative easing. The author argues that the 'Gordian knot' created by the economic and political dynamics of supply and demand oil in the present international economy poses a fundamental challenge to the assumption of economic progress embedded in Western democratic expectations.