Description
Book SynopsisThis study... makes a significant contribution to the literature of international political economy. The book also is a useful point of departure for further exploration by historians of finance, economics, and business. The data on capital flows alone constitute a valuable resource for all analysts.... The book is closely argued within the author''s established methodological framework. It engages the reader in lively argument. Michael R. Adamson ? Business History Review
Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies.
David Spiro has followed the money trail, and the story he tells contradicts the accepted beliefs. Most of the sudden
Trade Review
The book provides a good panorama of the global situation after OPEC increased the price of oil in the early 1970s. No previous knowledge of the issue is required, as it is very well explained and the book is well organized. In addition it looks not only at the protagonist countries, the USA and Saudi Arabia, but also includes all the surrounding political actors, and the role they played regarding their own interests.
-- Gabriela Cano * Journal of Energy Literature *
This study... makes a significant contribution to the literature of international political economy. The book also is a useful point of departure for further exploration by historians of finance, economics, and business. The data on capital flows alone constitute a valuable resource for all analysts.... The book is closely argued within the author's established methodological framework. It engages the reader in lively argument.
-- Michael R. Adamson * Business History Review *
