Managing the Oil Wealth: OPEC's Windfalls and Pitfalls

(Hardback)

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Whatever happened to OPEC This text unravels the puzzle: why did countries with such major divergences in size, population, resources, economic structures, governmental systems, culture and ethnicity all follow the same path to political and economic development, and with such wretched results How did OPEC members benefit from their three trillion-dollar windfall And where did all that money go Why did the anticipated plenty, affluence, political stability and liberation all turn into austerity, deficits, debts, disappointment and decay It explores OPEC's rise, decline and virtual disappearance as a world commercial force.

Reviews

"A Choice Outstanding Academic Title 1999" -- Choice

"A blunt, vivid, and depressing account of what each of the thirteen OPEC members did with the oil income and where their economies have now ended up." --Middle East Quarterly

Author Bio

Jahangir Amuzegar is a distinguished economist and former member of the Executive Board of the IMF who lectures at Johns Hopkins University.