The irony of state strength: comparative responses to the oil shocks in the 1970s

  title={The irony of state strength: comparative responses to the oil shocks in the 1970s},
  author={Gilford John Ikenberry},
  journal={International Organization},
  pages={105 - 137}
  • G. Ikenberry
  • Published 1 December 1986
  • Economics
  • International Organization
Like two gigantic waves, the oil shocks crested over the advanced industrial world during the 1970s. The relatively stable postwar petroleum regime, managed by the large oil firms and protected by American diplomatic and military strength, collapsed. In seven years crude oil prices, adjusted for inflation, increased more than 500 percent. A multitude of national security, economic, and political challenges confronted the advanced industrial states. But unlike war, where the threat is observable… 

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