An energy-dependent world discovered just how exposed it had become. Oil-supply disruptions in the 1970s revealed how dependent industries and households had become on energy prices and imports.
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International monetary conditions, domestic policies and market expectations shaped the inflationary impact. Monetary and domestic policy shaped the same global shock differently.
The oil shock narrative should be distinguished from the broader history of inflation and growth during that decade. Not every bad inflation statistic in the decade can be blamed on oil.
Different national responses offer a useful natural comparison. Not every importing country responded in the same way; different energy systems and institutions mattered.
What would a fair comparison between two countries reveal about resilience to a sudden supply shock?