New world disorder
http://www.guardian.co.uk/comment/story/0,3604,1059008,00.html
It's 30 years since oil prices soared and monetarism triumphed - and
there could be more upheaval to come
Larry Elliott, economics editor
Thursday October 9, 2003
The Guardian
Some say the 1960s ended with Woodstock in August 1969. Others date
the decade's demise to the break-up of the Beatles eight months later.
Both are wrong. The 60s died 30 years ago this week when, on October 6
1973, Egypt and Syria chose Yom Kippur, the holiest date in the Jewish
calendar, to launch a surprise attack on Israel.
The twin offensive was quickly halted so, in response, the
Arab-dominated oil-producers' cartel, Opec, announced price increases,
production cutbacks and an embargo on Israel. If the intention was to
inflict pain on the west, it worked. By early 1974, oil prices had
risen fourfold and a golden age of prosperity came to a halt.
Larry Elliott
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