The "Oil Crises" and African Economies: Oil Wave on a Tidal Flood of Industrial Price Inflation

THE FLOOD OF HIGH IMPORT PRICES THAT SWEPT OVER AFRICAN ECONOMIES IN THE 1970S SEVERELY IMBALANCED THEIR INTERNATIONAL PAYMENTS ACCOUNTS, KNOCKED AFRICAN DEVELOPMENT PLANS OUT OF THEIR TRADITIONAL MORRING, AND NEARLY DROWNED THE NEW STATES IN A SEA OF DEBTS. THE FLOOD BROKE ON THE AFRICAN CONSCIOUSN...

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Bibliographic Details
Published in:Daedalus (Cambridge, Mass.) Mass.), 1982-04, Vol.111 (2), p.211-241
Main Authors: Johnson, Willard R., Wilson, Ernest J.
Format: Article
Language:English
Subjects:
Africa
Crude oil
Developing countries
Economic aspects
Economic conditions
Economic development
ECONOMIC MEASURES
ECONOMIC POLICY
Energy
energy policy
Imports
Inflation
Oil companies
Oil crises
Oil prices
ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES
Petroleum
Petroleum industry
Price increases
Prices
Prices and rates
PUBLIC DEBT, INCLUDING NATIONAL DEBT
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Summary:THE FLOOD OF HIGH IMPORT PRICES THAT SWEPT OVER AFRICAN ECONOMIES IN THE 1970S SEVERELY IMBALANCED THEIR INTERNATIONAL PAYMENTS ACCOUNTS, KNOCKED AFRICAN DEVELOPMENT PLANS OUT OF THEIR TRADITIONAL MORRING, AND NEARLY DROWNED THE NEW STATES IN A SEA OF DEBTS. THE FLOOD BROKE ON THE AFRICAN CONSCIOUSNESS WITH THE OPEC PRICE INCREASES OF 1973-1974.
ISSN:0011-5266
1548-6192