The 1973 Oil Crisis as Catalyst, Not Sole Cause for Worldwide Recession Term Paper

The 1973 Oil Crisis as Catalyst, Not Sole Cause for Worldwide Recession
A discussion of the causes of the world recession of the 1970's and 1980s.
# 147756 | 1,870 words | 4 sources | MLA | 2008
Published on Jun 26, 2011 in Economics (International) , History (General)


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Description:

This paper deals with the question of whether the oil crisis of 1973 alone adequately explains the world recession of the 1970s and 1980s. The paper clearly finds that while the OPEC oil crises contributed to the crisis it was not a major factor. The paper focuses on three important signs that were present before the oil crisis. These three signs: inflation, unemployment, and stagnation are discussed at length. Secondary elements such as the waning of the United State's power in the post-Vietnam war era are also discussed.

From the Paper:

"The historian Eric Hobsbawm's assertion that `any historian who puts major change in the configuration of the world economy down to bad luck and avoidable accidents should think again' provides a useful theoretical objection to the contention that the economic crisis years of the late 1970s and early 1980s can be, at its core, wholly attributed to the OPEC oil crisis which occurred in 1973. However the inadequacy of this approach is not wholly theoretical but empirical too. The effects of the oil crisis alone are insufficient to fully account for the recession as it becomes evident that it occurred in conjunction with the decline of the so-called `Golden Age' of the mixed economy, which was accompanied by unemployment, inflation and stagnated investment. This essay thus does not need to challenge the entire significance of the oil crisis to prove that indeed the world economic recession did not `all come down to the oil crisis'."

Sample of Sources Used:

  • Frank, Andre Gunder, Crisis: In The World Economy (London, 1980), pp. 50-77
  • Hobsbawm, Eric, Age of Extremes (London 1994), pp. 280-186; pp. 403-416
  • Skidelsky, R., 'The Growth of a World Economy', in M. Howard & Wm. Roger Louis (eds.), The Oxford History of the Twentieth Century (Oxford, 1998), pp. 57-60
  • Dalton, George, Economic Systems and Society (Harmondsworth, 1980), pp. 143-165

Cite this Term Paper:

APA Format

The 1973 Oil Crisis as Catalyst, Not Sole Cause for Worldwide Recession (2011, June 26) Retrieved August 13, 2022, from https://www.academon.com/term-paper/the-1973-oil-crisis-as-catalyst-not-sole-cause-for-worldwide-recession-147756/

MLA Format

"The 1973 Oil Crisis as Catalyst, Not Sole Cause for Worldwide Recession" 26 June 2011. Web. 13 August. 2022. <https://www.academon.com/term-paper/the-1973-oil-crisis-as-catalyst-not-sole-cause-for-worldwide-recession-147756/>

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