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Private Sector Takes the Control

In: The Real Oil Shock

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  • Ryan C. Smith

Abstract

All these developments beg the obvious question: why did regulators effectively leave the resolution of such a significant monetary crisis in the hands of the private sector? The answer, based on available sources, is it seems they had little choice in the matter. Examination of BIS documents shows central bank authorities were preparing for a repeat of the 1968 Gold Crisis, leaving them unready for the more systemic impacts of the 1973 Oil Embargo. This lack of preparation combined with the scale of wealth redistribution left the private sector in an ideal position to process petrocapital on their terms.

Suggested Citation

  • Ryan C. Smith, 2022. "Private Sector Takes the Control," Springer Books, in: The Real Oil Shock, chapter 0, pages 99-113, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-07131-7_6
    DOI: 10.1007/978-3-031-07131-7_6
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