The Effects of the Oil Prices on the Economy

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Did countries like Saudi Arabia and Algeria make good on promises to use high oil revenues to modernize industrialized diversify their economy? Or did those revenues often lead to more consumption for the already well to do growing military budgets. The idea is that eventually this massive increase in oil prices translated into debts of third world non-oil producing countries.

Featuring Giuliano Garavini on his book The Rise and Fall of OPEC in the Twentieth Century. The second in a two-part series on the 20th-century history of petrostates, petrocapitalists, and the world system. Support this podcast at Patreon.com/TheDig Subscribe to n+1. Go to nplusonemag.com/thedig and enter THEDIG at checkout Learn more about Haymarket's Book Clubs at haymarketbooks.org