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Comeback by Charles R. Morris

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  CHAPTER 1

An Unconventional Revolution

Forty years ago there was a seismic break in the geography of world power. A dozen countries that produced much of the world’s oil—almost all of them in the Middle East—declared an oil embargo against the West. They were retaliating for the humiliation of the 1973 Arab-Israeli war, but also announcing their independence from the American and European global oil companies that had long controlled their production and prices. Oil prices tripled (from about $3 to about $10 a barrel), and the United States was plunged into the nastiest recession of that time since the Great Depression. Runaway inflation in the ...

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