General review [July 1975]

David N. F. Bell, James W. McGilvray, Andrew J. Oswald, David R. F. Simpson, Fraser of Allander Institute

Research output: Contribution to journalArticle

Abstract

Events in the world economy since January 1974 have been dominated by the rise in the price of oil and other primary commodities which took place in 1973. The experience of almost ewery economy in the world since then has been characterised by adjustment to these events. When the quadrupling of the oil price took place at the end of 1973 it was widely believed that this would bring about an international monetary crisis, in consequence of huge trade surpluses being realised by the OPEC countries and corresponding deficits by the industrialised (OECD) countries. In fact, the very rapid rate of growth of imports of goods and services by OPEC countries coupled with a sharp decline in the demand for oil by the industrialised countries has led to a situation which the "petrodollar" surplus has been much less than had been feared. It is expected that by the end of 1975 the OECD countries taken together will have a collective balance of payments surplus on current account. World monetary institutions have shown themselves capable of coping with the problem of "re-cycling".
LanguageEnglish
Pages10-13
Number of pages4
JournalQuarterly Economic Commentary
Volume1
Issue number1
Publication statusPublished - Jul 1975

Fingerprint

Oil
OECD countries
Surplus
Trade surplus
Developed countries
Balance of payments
Primary commodities
World economy
Oil prices
Import
Current account

Keywords

  • global economic trends
  • UK economic conditions
  • world trade conditions

Cite this

Fraser of Allander Institute (1975). General review [July 1975]. Quarterly Economic Commentary, 1(1), 10-13.
Fraser of Allander Institute. / General review [July 1975]. In: Quarterly Economic Commentary. 1975 ; Vol. 1, No. 1. pp. 10-13.
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Fraser of Allander Institute 1975, 'General review [July 1975]' Quarterly Economic Commentary, vol. 1, no. 1, pp. 10-13.

General review [July 1975]. / Fraser of Allander Institute.

In: Quarterly Economic Commentary, Vol. 1, No. 1, 07.1975, p. 10-13.

Research output: Contribution to journalArticle

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AU - Oswald, Andrew J.

AU - Simpson, David R. F.

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PY - 1975/7

Y1 - 1975/7

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AB - Events in the world economy since January 1974 have been dominated by the rise in the price of oil and other primary commodities which took place in 1973. The experience of almost ewery economy in the world since then has been characterised by adjustment to these events. When the quadrupling of the oil price took place at the end of 1973 it was widely believed that this would bring about an international monetary crisis, in consequence of huge trade surpluses being realised by the OPEC countries and corresponding deficits by the industrialised (OECD) countries. In fact, the very rapid rate of growth of imports of goods and services by OPEC countries coupled with a sharp decline in the demand for oil by the industrialised countries has led to a situation which the "petrodollar" surplus has been much less than had been feared. It is expected that by the end of 1975 the OECD countries taken together will have a collective balance of payments surplus on current account. World monetary institutions have shown themselves capable of coping with the problem of "re-cycling".

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KW - UK economic conditions

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Fraser of Allander Institute. General review [July 1975]. Quarterly Economic Commentary. 1975 Jul;1(1):10-13.