The British even introduced the four days working week to reduce energy consumption. Some of these things were actually witnessed, perceived as positive changes in a scenario where there was an economic recession. It did have an impact at least short term on economic growth that was countered normally through more state expenditures. But this is a trick issue. There's this massive debate on inflation today, which in a certain way echoes the debate of the 1970s.
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.
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