Abstract
The international debt crisis of the 1980s emerged as a historical development from the oil shocks of 1973–74 and of 1979–80. These oil shocks provided opportunities for and pressures towards creating the debt, while the policy response of the OECD countries to the second oil shock made the debt much more difficult to handle. But the seeds of the later problems were sown in the period before 1973. This chapter indicates the way in which events in that period prepared the way for the oil shocks and the debt crisis.
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Notes and References
For detailed examination of the oil market and of United States energy policy over this period, see Jack Anderson with James Boyd, Fiasco, Times Books, New York, 1983.
For the standard diagnosis of the internal contradictions of the dollar exchange rate system, see Robert Triffin, Gold and the Dollar Crisis: The Future of Convertibility (New Haven, Connecticut, Yale University Press, 1960).
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© 1986 Dr David F. Lomax
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Lomax, D.F. (1986). The Boom to 1973. In: The Developing Country Debt Crisis. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07765-6_1
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DOI: https://doi.org/10.1007/978-1-349-07765-6_1
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-07767-0
Online ISBN: 978-1-349-07765-6
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