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Oil Cartel caused cascading price increases in most everything in the west as a much bigger share of overall economic output went to the cartel nations. About the only government that took effective action to address the root cause of that problem was France - The nuclear buildout, ramping up production of the 2CV and other very high-milage cars, the TGV (Electric, so... Powered by the nukes.) - These were the tools actually available in the 1970's

Solar and wind in that era was utterly inadequate technology -  I hope this is not something anyone wishes to dispute?

 Everyone else started shooting themselves in the foot, then reloading and shooting the other foot - The problem was real value flowing out of what had been a fairly closed system of labor of capital to new actors who provided no new product in return, but the response was to slam on the breaks on wages via unemployment. Which is utterly insane, and acted as a drag on even those nations responding initially sanely.

by Thomas on Fri Aug 22nd, 2014 at 03:45:25 PM EST
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