ABSTRACT
The energy crisis, as we have seen, encircled the globe. Not a single oil-importing state, no matter how small or remote or low its per capita income, could escape the impact of the steep rise in the price of oil late in 1973. The price rise reshaped overnight all major international economic conditions—trade, money, investment, aid, transfer of technology—and the rules for their political management. The existing noncommunist international economic system, which the United States and its allies had fashioned after World War II, was already collapsing before October 1973. The energy crisis quickened the pace of change, from the old system which was known, stable, and workable to an emerging system which was as yet unformed and whose final structure was still unknown.
