Buy custom IMF and its role in International Political Economy
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| Topic: |
Business
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| Number of pages / Number of words: |
8 / 2007 |
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However, from 1973 to 1974, a new challenge came to the IMF which is known as the price shock. In 1972, the foundation of the Organization of Petroleum Exporting Countries (OPEC) became an influential factor in setting the price for crude oil. In 1973, the Arab Oil Embargo which was triggered by the Yom Kippur War quadrupled the oil price from $3 to $12 per barrel...
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In 1973, the Arab Oil Embargo which was triggered by the Yom Kippur War quadrupled the oil price from $3 to $12 per barrel. This dramatic rise in price had a big effect on both oil exporting countries and oil importing countries.
For countries in the Middle East, whose oil resources had long been dominated by industrial countries, were sitting on huge gains...
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General points of the essay
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