When borders don't matter: development and global culture - Neoliberal economics - Oil shocks and stagnation
7 important questions on When borders don't matter: development and global culture - Neoliberal economics - Oil shocks and stagnation
What ensured that oil supplies to the West remained affordable and abundant?
What decision changed oil supply to the West?
- It changed suddenly with the outbreak of the 1973 Arab-Israeli war and America's airlift of supplies to Israel.
- Led by Saudi Arabia, the member states of the Organization of Petroleum Exporting Countries (OPEC, founded in 1960) announced restrictions on the sale of oil to Europe and Japan and a five-month embargo on the sale of oil to the US.
- This was followed by the quadrupling of the price of OPEC-produced crude over the next two years, a development that sent shock waves through the world economy.
What consequences did the oil embargo have?
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What influence did oil shocks have for developing countries?
- The oil shocks had a disproportionate impact on developing countries that relied upon imported oil to stimulate their economies. They were now obliged to borrow on international markets in order to maintain the flow of oil.
- Assuming new debt, oil-importing nations in Africa and Latin America found their economic well-being tied directly to lending institutions in the world's richest states.
What urban changes are there in the oil states?
- Urban development, and new employment opportunities in the cities, spurred a rapid growth in migration from rural areas.
- In sparsely populated kingdoms such as Saudi Arabia and Kuwait, foreign migrants from non-oil-producing Muslim countries provided much of the manual labor force for the varied undertakings, while skilled professionals from the West assisted the various royal families with infrastructure projects.
What did the Saudi royal family use their money for?
How did the OPEC cartel inspire developing states?
- The example of the OPEC cartel, using the export of strategic raw materials as a political weapon, convinced other resource-rich developing states that they too might leverage their products in order to redress the historic economic imbalance between North and South.
- It was hoped that the massive transfer of wealth from Western industrial consumer states to the oil-producing countries might be repeated with raw materials such as bauxite, cobalt, copper, and tin.
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