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Restructuring the world economy : round II (English)

Since 1973 attempts to adjust the structure of the world economy to rapidly rising costs of energy have dominated all other economic issues. This paper argues that the energy transition is closer to completion than would appear from the behavior of oil markets, primarily because many countries at first resisted the necessary changes in domestic prices. Once the energy adjustment appears more manageable, it should be possible to resume progress on the problems of long-term development. In support of these propositions, the extent to which the energy adjustment is already in train will be examined. Then the economic interests of the three main groups of participants in the global adjustment: the oil-exporting countries, the industrial countries, and other developing countries are discussed.

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Citation

Chenery,Hollis B.

Restructuring the world economy : round II (English). World Bank reprint series ; no. REP Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/916551467980463732/Restructuring-the-world-economy-round-II