Title: The hidden hand of American hegemony : petrodollar recycling and international markets /
Authors: Spiro, David E.
Publisher: Cornell University Press,
Year: 1999
Subjects: Organization of Petroleum Exporting Countries.; International Monetary Fund.; Balance of payments Arab countries.; Investments, Arab.; Petroleum products Prices; International finance.; United States Foreign economic relations.
Abstract: "Between 1973 and 1980, the cost of crude oil rose suddenly and dramatically, precipitating convulsions in international politics. Conventional wisdom holds that international capital markets adjusted automatically and remarkably well: Enormous amounts of money flowed into oil-rich states, and efficient markets then placed that new money in cash-poor Third World economies. This massive reallocation of wealth is labeled petrodollar recycling."--Jacket.