Journal Article

Oil Power and Economic Theologies: The United States and the Third World in the Wake of the Energy Crisis

Christopher R. W. Dietrich

in Diplomatic History

Volume 40, issue 3, pages 500-529
Published in print June 2016 | ISSN: 0145-2096
Published online May 2015 | e-ISSN: 1467-7709 | DOI: http://dx.doi.org/10.1093/dh/dhv025
Oil Power and Economic Theologies: The United States and the Third World in the Wake of the Energy Crisis

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This article holds that Henry Kissinger conducted a free market diplomacy in result to the 1974-1974 energy crisis. That is, he and other decision-makers in the Department of the Treasury, the National Security Council, and the State Department demonized the Organization of Petroleum Exporting Countries as an illiberal bogeyman and made the parallel argument that the free market was the only rational system capable of meeting global economic challenges. The culmination of this policy was the decision in the Ford Administration to subvert the egalitarian and redistributionist arguments of the United Nations’ 1974 Declaration of a New International Economic Order. Kissinger and other policymakers did so through a diplomacy of accommodation, a policy towards Third World demands for a more just international economy that continued into the Carter Administration.

Journal Article.  14401 words.  Illustrated.

Subjects: United States History ; Diplomatic History ; International History

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