OPEC members to 1973
Iran (1960)
Iraq (1960)
Kuwait (1960)
Saudi Arabia (1960)
Venezuela (1960)
Qatar (1961)
Indonesia (1962)
Libya (1962)
UAE (1967)
Algeria (1969)
Nigeria (1971)
Ecuador (1973)

“Limits to Growth” and the oil shock
History 300 / October 22, 2013

I. Environmentalism and the critique of consumerism
            A. The ill effects of human activities
                        1. Industrial pollution
                                    > Rachel Carson, The Silent Spring (1962)
                        2. Population growth
                                    > Paul Ehrlich, The Population Bomb (1968)
            B. Citizens’ activism: environmental NGOs & other initiatives
                        1. The Sierra Club (1893; strong growth in 1960s)
                        2. Earth Day (introduced 1970)
                        3. Greenpeace (early 1970s)
            C. Inter-governmental action
                        1. The UN Conference on the Human Environment
                            (Stockholm, June 1972)
                        2. The United Nations Environmental Program
            D. The report to the Club of Rome
II. The collapse of Bretton Woods
            A. Lack of fiscal discipline in most industrial countries
            B. America's inflation problem
                        1. Too much spending: Vietnam & the Great Society
                        2. Effects of inflation on American competitiveness
                        3. Effects of inflation on the value of the $
            C. The Nixon Shock (Aug. 1971): closing the gold window
            D. Speculators attack fixed exchange rates
            E. Twin crises in Feb-March 1973 lead to widespread floating
III. OPEC and the power of commodities
            A. Broader changes in the “terms of trade”
            B. The fall of the dollar hits producers
            C. OPEC takes command of the oil market
                        1. An oil boycott of Israel’s supporters
                            (October 1973 – March 1974)
                        2. Prices doubled, then doubled again
                        3. Production cuts to maintain high prices
IV. Organizing a response
            A. The industrial powers coordinate policies closely (the G-7)
            B. Cooperation betw industrial powers & leading producers
            C. Left behind: resource-poor LDCs