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It Was the Best of Times, It Was the Worst of Times

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

Before you can explore how petrocapital changed the capitalist economic order, you first must understand the postwar economic consensus that preceded it. OPEC’s 1973 embargo was a product of and reaction to this economic order. How this order functioned and was envisioned is also important for understanding why private finance was successful in accomplishing what Altamura calls the privatization of petrodollar recycling. The story of the postwar consensus is one of a fundamentally unstable world order collapsing under the weight of its own contradictions which came to a head in the 1973 Embargo.

Suggested Citation

  • Ryan C. Smith, 2022. "It Was the Best of Times, It Was the Worst of Times," Springer Books, in: The Real Oil Shock, chapter 0, pages 25-44, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_3
    DOI: 10.1007/978-3-031-07131-7_3
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