In this book two of the world’s leading experts on oil analyse the contemporary conflict in the western economy, highlight the dangers of allowing it to continue and offer a radical solution. They recommend that the wealth created by OPEC oil and that of the OECD nations should be used in part to finance a joint OPEC/OECD Agency for Cooperation and Development. This agency would finance the balance of trade deficits of the poor, oil importing countries-in an enterprise such as the Marshall Plan with no requirement for repayment; it would finance the countless opportunities which exist in the Third World for the exploitation of energy resources, particularly oil and gas, the potential for which in such regions remains virtually unexplored and untouched.
Having analysed and prescribed, the authors conclude by offering suggestions as to how their recommendations may be implemented by the powers involved. This book is not, therefore, a theoretical academic text but a call for action; it offers a blueprint whereby the ‘stagflation’, depression, and other problems of the international economy may be overcome, and the new power of OPEC may be used to help create a new international economic order.