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The Rise and Fall of OPEC in the Twentieth Century (Hardcover)
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The Rise and Fall of OPEC in the Twentieth Century (Hardcover)
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The Organization of the Petroleum Exporting Countries (OPEC) is one
of the most recognizable acronyms among international
organizations. It is mainly associated with the 'oil shock' of 1973
when prices of petroleum quadrupled and industrialized countries
and consumers were forced to face the limits of their development
model. This is the first history of OPEC and of its members written
by a professional historian. It carries the reader from the
formation of the first petrostate in the world, Venezuela in the
late 1920s, to the global ascent of petrostates and OPEC during the
1970s, to their crisis in the late-1980s and early- 1990s. Formed
in 1960, OPEC was the first international organization of the
Global South. It was perceived as acting as the economic
'spearhead' of the Global South and acquired a role that went far
beyond the realm of oil politics. Petrostates such as Venezuela,
Nigeria, Algeria, Saudi Arabia, Iraq, and Iran were (and continue
to be) key regional actors, and their enduring cooperation, defying
wide political and cultural differences and even wars, speaks to
the centrality of natural resources in the history of the twentieth
century, and to the underlying conflict between producers and
consumers of these natural resources.
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