The Political Economy of World Energy: A Twentieth-Century Perspective

By John G. Clark | Go to book overview

8
The lesser developed countries and the oil boom of the 1970s

The industrialized societies possessed a variety of economic, technological, and managerial defenses against oil shortages and price increases which, if utilized, would have lessened the impact of the oil producers' actions in 1973 and largely avoided the repercussions of plummeting Iranian production after 1978 (Table 7.4). Political considerations within the western states precluded the application of effective counter measures during the 1970s.

Other nations lacked the capacity to respond flexibly to the price shock. In Tanzania, Bangladesh, Taiwan, the Philippines, or Brazil, each an energy importer, and in Saudi Arabia, Venezuela, and Mexico each with a sizable energy surplus, the quest for rapid industrial development established the parameters for policy responses to soaring prices.

Russian per capita GNP is similar to that of Italy, Singapore, and Hong Kong. During the mid-1970s, income in eastern Europe compared favorably to incomes in Ireland, Spain, Greece, and South Korea. East Germany's income may have exceeded Britain's. While the Soviet bloc states created welfare, industrial, and agricultural sectors more modern than most of the oil importing LDCs, they were much less profitably linked to western economies than such nations as South Korea or Taiwan.


Some characteristics of underdevelopment

Within the large array of LDCs, states manifest a wide variety of economic, social, and political conditions. Political scientists, sociol-

-274-

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The Political Economy of World Energy: A Twentieth-Century Perspective
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Tables xi
  • Maps xv
  • Abbreviations xvii
  • Preface xix
  • 1 - A Prospectus 1
  • Notes 8
  • 2 - Energy and the Maturation of Industrial Economies in the West, 1900-18 9
  • Notes 44
  • 3 - The Search for Energy During the Interwar Years 51
  • Notes 88
  • 4 - Energy Flows in a Politically Polarized World 95
  • Notes 138
  • 5 - The Owners of the World's Petroleum Resources 146
  • Notes 179
  • 6 - Cheap Energy, Security, and the Industrialized Nations, 1960-73 186
  • Notes 224
  • 7 - The West and the Energy Crisis of 1973-8 230
  • Notes 267
  • 8 - The Lesser Developed Countries and the Oil Boom of the 1970s 274
  • Notes 311
  • 9 - A Second Energy Crisis: the Iranian Revolution and Its Aftermath 319
  • Notes 358
  • 10 - Powering Energy Transitions and Transactions: a Summary and Conclusions 365
  • Notes 376
  • Index 378
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