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The oil price collapse of 1985-6 had momentous global consequences:
non-fossil energy sources quickly became uncompetitive, the
previous talk of an OPEC 'imperium' was turned upside-down, the
Soviet Union lost a large portion of its external revenues, and
many Third World producers saw their foreign debts peak. Compared
to the much-debated 1973 `oil shock', the `countershock' has not
received the same degree of attention, even though its legacy has
shaped the present-day energy scenario. This volume is the first to
put the oil `counter-shock' of the mid-1980s into historical
perspective. Featuring some of the most knowledgeable experts in
the field, Counter-Shock offers a balanced approach between the
global picture and local study cases. In particular, it highlights
the crucial interaction between the oil counter-shock and the
political `counterrevolution' against state intervention in
economic management, put forward by Ronald Reagan and Margaret
Thatcher in the same period.
The oil price collapse of 1985-6 had momentous global consequences:
non-fossil energy sources quickly became uncompetitive, the
previous talk of an OPEC 'imperium' was turned upside-down, the
Soviet Union lost a large portion of its external revenues, and
many Third World producers saw their foreign debts peak. Compared
to the much-debated 1973 `oil shock', the `countershock' has not
received the same degree of attention, even though its legacy has
shaped the present-day energy scenario. This volume is the first to
put the oil `counter-shock' of the mid-1980s into historical
perspective. Featuring some of the most knowledgeable experts in
the field, Counter-Shock offers a balanced approach between the
global picture and local study cases. In particular, it highlights
the crucial interaction between the oil counter-shock and the
political `counterrevolution' against state intervention in
economic management, put forward by Ronald Reagan and Margaret
Thatcher in the same period.
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