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.
Jahangir Amuzegar is a distinguished economist and former member of the Executive Board of the IMF who lectures at Johns Hopkins University.
A heterogeneous group with shared objectives; the framework of analysis; OPEC's birth, growing pains and maturity; windfall allocation and adjustment policies; country report cards; cross-country performance; the Litmus tests; summary of findings.