Explain Why the Oil Price Shocks After 1973 Made Countries

question 72

Essay

Explain why the oil price shocks after 1973 made countries unwilling to revive the Bretton Woods system of fixed exchange rates. See also Chapter 19.

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Definitions:

Urbanization

The process by which towns and cities grow and more people begin to live and work in urban areas, often associated with changes in lifestyle, economy, and environment.

Paternalistic Policies

Government policies that are designed to regulate and intervene in people's lives in a manner that is intended to be in their best interest, analogous to a paternal relationship.

Industrialists

Entrepreneurs or business owners in the industrial sector, who played a significant role in the development and expansion of industries during the Industrial Revolution.

Avant-Garde

Innovative, pioneering work, particularly in the arts, that challenges established norms and practices, often aiming to push the boundaries of cultural expression.