The economic realities of detente in the West Flashcards
What happened following the OPEC Crisis?
Western economies rebounded quickly
What did countries in the West create following the OPEC Crisis?
Created more efficient engines and tapped new sources of fuel
What did France spearhead the creation of?
The G7 group, comprising finance ministers from the USA, Britain, Japan, West Germany, Italy, Canada and France
What did negotiations between the members of the G7 bring about?
Renewed economic stability at an international level, therefore compensating for the failure of Bretton Woods
What was there a return to between 1974 and 1978?
Oil price stability. This formed a foundation for further economic growth
What did the renewed economic strength of the West mean?
It cut the need for detente in the eyes of the US government
