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OPEC and the non-oil developing countries in the 1970s


  • Hallwood, Paul
  • Sinclair, Stuart


This paper assesses the nature of the economic relationships which evolved between members of the Organization of Petroleum Exporting Countries and the non-oil less developed countries in the several years following the oil shocks of 1973 and 1974. Since these relationships can be appraised only against the background of the world economic system and its institutions at that time, attention is first focused on those issues. It is argued that no simple or easily interpreted economic relationship existed between these economic groups of developing countries; all are tied up in the matrix of the wider world economic system.

Suggested Citation

  • Hallwood, Paul & Sinclair, Stuart, 1981. "OPEC and the non-oil developing countries in the 1970s," MPRA Paper 24463, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:24463

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    References listed on IDEAS

    1. Bela Balassa, 1981. "The newly-industrializing developing countries after the oil crisis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 117(1), pages 142-194, March.
    2. Paul Hallwood & Stuart Sinclair, 2017. "Oil, Debt and Development: OPEC in the Third World," Working papers 2017-16, University of Connecticut, Department of Economics.
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    Cited by:

    1. Covi, Giovanni, 2014. "The First Oil Shock, Stylized Facts, Reflections and The Easterly Puzzle in a Forty-Year Retrospective," MPRA Paper 58130, University Library of Munich, Germany.

    More about this item


    non-oil developing countries; oil shock; OPEC; terms of trade.;

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration


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