nations for a durable rapprochement. But we must credit him for his early leadership in seizing the initiative to build up resistance against OPEC's abnormal price increase, for establishing the IEA, for pushing the IMF to set up a $25 billion "safety net" for payment adjustments by the industrialized countries, and for searching for an alternative strategy to restrain OPEC. The failure of his floor-price plan or his efforts to achieve a status quo ante were due more to his unfamiliarity with international economics. As did many others, he also underestimated the strength of OPEC, and he tried to halt it with an aggressive policy that was doomed to failure.
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Publication information: Book title: OPEC, the Petroleum Industry, and United States Energy Policy. Contributors: Arabinda Ghosh - Author. Publisher: Quorum Books. Place of publication: Westport, CT. Publication year: 1983. Page number: 160.
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