Topic of Study [For H2 History Students]:
Paper 1: Understanding the Global Economy (1945-2000)
Section B: Essay Writing
Theme II Chapter 1: Reasons for growth of the global economy
What are the ‘Seven Sisters’?
It refers to a group of integrated international oil companies that dominated the global oil markets from the mid-1940s to the mid-1970s. In the 1950s, the head of the Italian state-owned company Eni Enrico Mattei dubbed these companies as the ‘Seven Sisters’.
There were seven members:
- Anglo-Iranian Oil Company
- Gulf Oil
- Royal Dutch Shell
- Standard Oil Company of California
- Standard Oil Company of New Jersey
- Standard Oil Company of New York
- Toxaco
Some of these members took on more familiar names, partly due to mergers. For instance, Gulf Oil and Texaco are part of Chevron. Notably, among these companies, most were owned by the Americans, including the well-known Rockefeller (Standard Oil).
By 1949, they occupied 82% of the discovered oil reserves outside the United States. The main role of the Seven Sisters was to keep oil prices stable so as to prevent the problematic ‘price collapse’ that frequently haunted the oil industry.
Price setting
The Seven Sisters established a system to ascertain the pricing of crude oil. Between the 1920 and the early 1970s, there were two markets: the US and the non-US. In the US, crude oil prices were set in free markets.
Outside the US, major oil producers had greater influence on production, which affects supply. Producers used a ‘basing point’ price system to prevent the occurrence of price wars.
The goal of the basing point price system was to discourage cheating through transparency and to prevent price wars. The cement and steel industries had operated similar systems. The bane of cartels, after all, had been cheating by members tempted to illicitly sell below the price established by the cartel but still high enough to earn the clandestine seller a juicy profit. Since the base price was published for all to see and freight charges were jointly agreed, all producers could be confident they weren’t being undercut by a rival.
An excerpt from “Crude Volatility: The History and the Future of Boom-Bust Oil Prices” by Robert McNally.
A new age: Enter OPEC
In the Middle East, governments in oil-rich countries began to organise themselves.
In April 1951, the Iranian Prime Minister Mohammad Mossadegh nationalised the nation’s oil assets, angering the owners of British Petroleum (BP). In retaliation, the Seven Sister members boycotted Iranian oil exports, forcing its output to fall to almost zero. In August 1953, Mossadegh was overthrown, resulting in the reversal of the nationalisation policies.
In 1958, two anti-Western uprising took place in Iraq and Venezuela, eventually leading to the diminished influence of the Seven Sisters in the global crude oil industry. In January 1958, a revolution had toppled the military regime under General Pérez Jiménez. The new Venezuelan government requested a lawyer Juan Pablo Pérez Alfonzo (later known as the ‘Father of OPEC’) to form a national oil company. In six months later, Iraqi forces led a military coup against King Faisal II and the pro-Western Nuri al-Said.
In September 1960, Kuwait, Iraq, Iran, Venezuela and Saudi Arabia gathered in Baghdad and set up the Organisation of the Petroleum Exporting Countries (OPEC). By then, OPEC had occupied more than four-fifths of the world’s oil exports.
Libya made the first move to challenge the dominance of the Seven Sisters. In September 1969, a military coup against King Idris I resulted in the rise of the leader Muammar Qaddafi. Qaddafi successfully demanded a hike in the per barrel price of oil. Subsequently, other OPEC members followed suit, setting off a frenzy.
Fearful of being picked off one by one, the seven majors, Total, and eight independents banded together in a united front to bargain with OPEC.
[…] The Shah played on western officials and companies’ fears, warning the former that if oil companies resisted, “the entire Gulf would be shutdown and no oil would flow,” and admonishing that the “all-powerful Six or Seven Sisters have got to open their eyes, and see they they’re living in 1971, and not in 1948 or 1949.” Washington—terrified above all of a supply cut off it no longer had ample spare capacity to offset— sided with the Shah and against oil companies, supporting OPEC’s demand for two regional negotiations.
An excerpt from “Crude Volatility: The History and the Future of Boom-Bust Oil Prices” by Robert McNally.
What can we learn from this article?
Consider the following question:
– Assess the view that oil was the most significant factor that influenced the development of the global economy in the post-war years.
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How did the Dutch influence the Indonesian economy?
/in Economic Development, History Essays/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Economic Development after Independence
Section B: Essay Writing
Theme II Chapter 1: Paths to Economic Development
Historical Context
In the 19th century, the Dutch established the cultivation system known as the cultuurstelsel. The origin of the system can be traced to the early 1800s, in which the Dutch colonial government had struggled to engage private cultivators to raise crop production for export. Under the leadership of the Dutch Governor-General, van den Bosch, he switched to a different method to cultivate export crops.
In particular, the Dutch identified individual villages and instructed the people in each village to grow specific crops, such as rice, coffee and sugar. In the 1830s, export production from Java increased significantly due to the efforts put in by the Chinese merchants and indigenous Javanese ruling class and the Dutch officials.
The emergence of economic nationalism: Limitations of the Ethical Policy
Yet, the Dutch cultivation system was not deemed by all local natives as beneficial. Within the indigenous Indonesian community, some viewed economic participation by the Chinese merchants as a threats to their interests.
The Sarekat Dagang Islam (Islamic Trade Union) was initially formed as a Javanese traders’ cooperative to support textile traders against Chinese competitors. In 1912, it was renamed as Sarekat Islam as the organisation evolved into a mass political party.
The Dutch Ethnical Policy (Ethische Politiek) was identified as the root cause of the unequal economic opportunities that generated resentment towards the Chinese immigrants and the colonial power. The policy was guided by its slogan: ‘irrigation, education and emigration’.
The Dutch colonial administration aimed to enhance the irrigation facilities to increase agricultural productivity. However, the intended growth target was not realised. As a result, the poor living standards had fueled the growth of Indonesian nationalism instead.
What can we learn from this article?
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– Assess the significance of economic challenges in influencing government intervention in post-independence Southeast Asian economies.
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Sipadan and Ligitan dispute: Revisited
/in History SBCS, Regional Conflicts and Cooperation/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Regional Conflicts and Co-operation
Source Based Case Study
Theme III Chapter 1: Inter-state tensions and co-operation: Causes of inter-state tensions
Territorial claims
Malaysia and Indonesia had competing claims to the Sipadan and Ligitan islands. These islands were situated in the northeastern coast of Sabah in the Celebes Sea.
Indonesia’s stake was based on the 1891 Anglo-Dutch Convention. Since the two islands were formerly under the Dutch colonial occupation, Indonesia’s attainment of independence had meant that the same islands should belong to them.
In contrast, Malaysia referred to the 1878 Treaty between the Sultan of Sulu and the British North Borneo Company. The British had ceded the North Borneo territory (Sabah) to Malaysia. As such, the two contested islands were under Malaysia’s control.
Militarisation of a territorial dispute
The situation appeared tense when both parties turned to their naval forces to address the contestation of islands in the early 1990s.
In July 1982, Malaysia deployed troops to Sipadan and Ligitan islands. Likewise, Indonesian forces have landed in Sipadan island in 1993. Tensions were high when Indonesia accused Malaysia of conducting a military exercise in September 1994 to take over the two islands. In response, Indonesia held a naval exercise, while emphasising that it was not related to that dispute.
What can we learn from this article?
Consider the following question:
– How far do you agree that the Sipadan and Ligitan dispute has strained Indonesia-Malaysia relations in the post-independence period?
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What was the United Nations Malaysia Mission of 1963?
/in History SBCS, Regional Conflicts and Cooperation/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Regional Conflicts and Co-operation
Source Based Case Study
Theme III Chapter 1: Inter-state tensions and co-operation: Causes of inter-state tensions
Historical context: A proposed merger and a political backlash
On 27 May 1961, the first Malayan Prime Minister Tunku Abdul Rahman announced the proposal to form a ‘Mighty Malaysia’ that included the Borneo territories (Sabah and Sarawak), Brunei and Singapore. The merger would lead to the formation of a Malaysian Federation.
However, Sukarno of Indonesia had opposed the proposed Federation of Malaysia after the Brunei Revolt. In December 1962, the North Kalimantan National Army (Tentera Nasional Kalimantan Utara) fought for independence, rejecting the plan to join the Federation. In response, the British sent troops from Singapore to Brunei to crush to revolt. A month later, Sukarno’s chief architect announced the Confrontation (Konfrontasi) policy.
Attempts at defusal of tensions: The United Nations Malaysia Mission
In May 1963, Sukarno and the Tunku met to hold talks on how to resolve their differences over the Federation. Sukarno claimed that Indonesia would not oppose the Tunku should the people of North Borneo agree to join the Federation.
On 31 July 1963, Malaya, Indonesia and the Philippines signed the Manila Accord, signifying the mutual consensus to ascertain the wishes of the people in North Borneo whether to join the Malaysian Federation. The Accord was drafted in accordance to the United Nations General Assembly Resolution 1541 (XV).
Then, the United Nations Secretary-General U Thant led a mission to facilitate the referendum in North Borneo. However, on 29 August 1963, the Tunku announced that the Federation of Malaysia would be established on 16 September. This unilateral decision had angered Sukarno, who viewed Tunku’s action as a violation of their initial agreements.
As described by U Thant, the announcement was perceived to be a premature decision made by the Tunku which Thant thought should have been undertaken only after the completion of the UN mission. Nevertheless, the mission reported stated that the peoples of North Borneo were in favour of joining Malaysia, thus legitimising the Tunku’s plan. Excerpt for Brunei, Singapore, North Borneo and Malaya merged to form the Federation was planned on 16 September.
What can we learn from this article?
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– How far do you agree that ideology was the main reason for the Indonesian Confrontation of 1963?
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What was Dag Hammarskjöld’s Summary Study?
/in History Essays, United Nations/by Justin NgTopic of Study [For H1/H2 History Students]:
Paper 1: Safeguarding International Peace and Security
Section B: Essay Writing
Theme III Chapter 2: Political Effectiveness of the UN in maintaining international peace and security
Historical context
Following the outbreak of the Suez Canal Crisis in 1956, the United Nations Secretary-General (UNSG) Dag Hammarskjöld deployed the United Nations Emergency Force (UNEF) to supervise the “cessation of hostilities” involving the armed forces of France, Israel and the United Kingdom, as well as to “serve as a buffer between the Egyptian and Israeli forces”.
The Summary Study
On 9 October 1958, Hammarskjöld submitted to the General Assembly a report known as the “Summary Study of the Experience Derived from the Establishment of the United Nations Emergency Force“.
Also known more commonly as the “Summary Study” in short, the UNSG reported his reflections on the pioneer peacekeeping mission. His purpose was to institutionalise peacekeeping at the international level.
As described by MacQueen, the UNSG had envisaged peacekeeping as a concept that required consent from the host-state. Also, operational support to form the peacekeeping force had to be carried out on a voluntary basis. The second requirement proved to be costly and problematic later on, as observed in the United Nations Mission in Congo (ONUC).
What can we learn from this article?
Consider the following question:
– Assess the view the the United Nations Secretary-Generals have played a vital role in the maintenance of international peace and security.
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How was the Asian Financial Crisis resolved?
/in Economic Development, History Essays/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Economic Development after Independence
Section B: Essay Writing
Theme II Chapter 2: Asian Financial Crisis
An overview of the Crisis
In the early 1990s, many member nations of ASEAN pegged their exchange rates to the US dollar (USD). Given the dominant position of the Americans in the global economy, the peg instilled strong market confidence. Over time, the economic expansion in the region led to increased foreign capital inflows. By June 1997, cross-border flows in Southeast Asia totaled US$173 billion.
Greater access to capital had encouraged the provision of private loans. In turn, firms and household investors had ploughed funds into the real estate market. As a result, an asset bubble was formed. When the bubble burst, the Bank of Thailand declared its inability to prop up the largest finance company, Finance One, triggering fears of an impending market crash.
The anticipation of loan defaults resulted in the withdrawal of funds by short-term loan creditors. On the other hand, the gradual recovery of the Japanese economy resulted in the appreciation of the Yen and an interest rate hike. This led to shift of capital from Southeast Asia to Japan markets. The Bank of Thailand struggled to maintain the peg, such that nearly of its reserves were lost, forcing them to float the baht on 2 July 1997.
Concerted efforts for crisis management
In view of the Asian Financial Crisis, governments in Southeast Asia sought solutions to dampen the adverse impacts. On 28 February 1998, finance ministers in ASEAN had gathered in Jakarta to set up a “mutual monitoring system. They agreed to seek technical support from the Asian Development Bank (ADB) to enhance the development of the system. Later, this system was known as the ASEAN Surveillance Process (ASP).
Ideally, the monitoring system will function as an early warning system, so that the affected member nations can intervene before the economic setback escalates into another crisis.
ASEAN Plus Three: The Chiang Mai initiative
In 1999, the ASEAN Plus Three (APT) [or ASEAN+3] Summit was held, involving ASEAN members and three external powers – China, Japan and South Korea. In 6 May 2000, the APT met in Chiang Mai, Thailand, to derive a regional solution to avert another Asian Financial Crisis.
The Chiang Mai Initiative (CMI) became the first regional swap arrangement to address short-term liquidity difficulties in the Asia.
The CMI functioned on two branches:
In 2004, an expanded framework was proposed, known as the Chiang Mai Initiative Multilateralisation (CMIM). The CMIM would involve all ten members of ASEAN, China, Japan and South Korea, with a combined size of US$240 billion worth of foreign exchange reserves. Five years later, the CMIM was founded.
What can we learn from this article?
Consider the following question:
– How far do you agree that the responses to manage the Asian Financial Crisis were adequate and effective?
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What was the purpose of Kennedy’s quarantine speech?
/in Cold War, History SBCS/by Justin NgTopic of Study [For H2 and H1 History Students]:
Paper 1: Understanding the Cold War (1945-1991)
Section A: Source-based Case Study
Theme I Chapter 2: A World Divided by the Cold War – Manifestations of the global Cold War: Cuban Missile Crisis (1962)
Historical Context: A crisis in the making
Before the historic address made by the American President John F. Kennedy, the United States government had discovered the construction of medium-range missile bases in Cuba on 14 October 1962. Alarmed by the prospect of an imminent security threat, Kennedy called for an emergency meeting with his advisors (later known as the Executive Committee, ExComm in short).
During the meeting, there were four proposed courses of action:
Hawkish advisors like Secretary of Defense Robert McNamara had proposed an attack on the Soviet Union should Cuba initiated any form of aggression against the USA, but opponents within the Committee feared the outbreak of war. In particular, National Security Advisor McGeorge Bundy was strongly against American attempts to undermine Cuban security.
Eventually, Kennedy had opted for the use of a naval quarantine. The ExComm had agreed that the US government should demand all missile sites and bases to be dismantled in Cuba.
The Speech: Prelude to the October Crisis
On 22 October 1962, Kennedy made a televised address to the American citizens that the government had identified Soviet missile bases in Cuba. In response, the American President had announced seven steps to be taken so that the possible conflict can be averted.
One of such steps include the imposition of a naval quarantine to prevent the delivery of cargoes containing ‘offensive weapons’. Notably, Kennedy called upon his Soviet counterpart Nikita Khrushchev to de-escalate tensions and restore world peace. He stressed clearly that any act of aggression against nations in the Western Hemisphere would be deemed as an attack by the Soviet Union on the United States, thus justifying retaliation.
What can we learn from this article?
Consider the following question:
– Assess the view that the Soviet Union was responsible for the outbreak of the Cuban Missile Crisis.
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What happened in the Abyssinian crisis?
/in History Essays, United Nations/by Justin NgTopic of Study [For H2 History Students]:
Paper 1: Safeguarding International Peace and Security
Section B: Essay Writing
Theme III Chapter 1: Formation of the United Nations
Historical Background
The Abyssinian crisis involved two key parties. In 1922, the Italian dictator Benito Mussolini rose to power. He heavily armed the nation and sought to assert greater influence in the rest of the world.
On the other hand, Abyssinia (now called ‘Ethiopia’) was ruled by Emperor Haile Selassie. It was situated in the middle of two Italian colonies, Eritrea and Somaliland and the lands were well-endowed with natural resources.
The invasion & the League’s muted response
On 3 October 1935, Mussolini mobilised troops and launched a full-scale invasion, crossing the Abyssinian border. Selassie sought the League of Nations (LON) for assistance.
The League Council issued a report in response to Selassie’s pleas for help. After a three-day debate, fifty out of fifty-four members agreed with the Council’s report. The report stated that the imposition of economic sanctions, in terms of exports of key commodities to Italy, should be carried out.
However, the lack of unanimity had stalled the League’s efforts to put the report into action.
A clash of interests: Enter Great Britain and France
Although economic sanctions eventually took effect in November 1935, they were futile in halting Mussolini’s occupation of Abyssinia. The sanctions did not ban the sale of oil. Furthermore, the British did not close the Suez Canal, which allowed open access of commodities, including oil.
As other members of the LON pressured the Council to step up the sanctions on Italy, Great Britain and France made a secret arrangement with Italy.
In December 1935, British Foreign Secretary Samuel Hoare and French Prime Minister Pierre Laval proposed the Hoare-Laval Pact that offered to partition Abyssinia, thereby giving much of the territories to Italy. In return, Italy must agree to end the war.
Then, the Pact was leaked to the press, sparking public outcry. The Pact was not signed and both the British and French ministers were removed from office.
In May 1936, Italy annexed Ethiopia. The sanctions had failed to forestall the Italian victory, thus the League Assembly lifted sanctions.
A costly mistake: Impact on the League of Nations
The League’s inaction had diminished its credibility even though the Covenant had stated that all member states should adhere to the collective security system.
Some even observed that the League’s failed attempts to prevent the Italian invasion of Ethiopia may have emboldened Hitler to carry out similar acts of aggression later in Czechoslovakia and Poland.
What can we learn from this article?
Consider the following question:
– How far do you agree that the United Nations was built on the foundations of the failed League of Nations?
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What is the Singapore Economic Development Board?
/in Economic Development, History Essays/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Economic Development after Independence
Section B: Essay Writing
Theme II Chapter 1: Paths to Economic Development
Historical Context
In 1961, the Dutch economist Albert Winsemius made a trip to Singapore to assess the economic situation as a representative of the United Nations Development Programme (UNDP) team. Then, he proposed that the Singapore Government should embark on industrialisation to address the high levels of unemployment.
On 26 April 1961, the Minister of Finance Dr. Goh Keng Swee oversaw the tabling of the Economic Development Board (EDB) bill at the Legislative Assembly. The proposed EDB was meant to replace its predecessor – the Singapore Industrial Promotion Board (SIPB). The SIPB was formed in 1957 for industrial development, but it lacked the capacity to scale up domestic production.
Then, the Permanent Secretary Hon Sui Sen assumed the role of Chairman in the newly-established EDB. Notably, there were four divisions:
1960s: Jurong Industrial Estate, JTC and DBS
The Industrial Facilities Division took the lead in shaping Jurong into an industrial estate. Factories were built to support the production of low-value-added goods such as wigs, toys and garments. The EDB had envisioned a production base to prepare Singapore for export-oriented industrialisation (EOI) in the future.
After the Separation from Malaysia in August 1965, plans for export promotion were accelerated. In 1968, the Jurong Town Corporation (JTC) was set up to oversee industrial estate development. In the same year, the Development Bank of Singapore (DBS) was formed to take over the EDB’s role of industrial financing.
1970s: Gearing up for export-driven industrialisation
The EDB then intensified its efforts to raise the skills proficiency of the labour in Singapore. The Board facilitated the formation of joint government-industry training centres and provided access to training grants.
For instance, the Skill Development Fund was set up in October 1979 to finance manpower training, upgrade business operations and retrain displaced workers. Also, it promoted the expansion and diversification of local industries, so as to position Singapore as a business hub.
With strong government support, Singapore’s reliance on entrepôt trade had declined from 43 percent in 1960 to 16 percent by the early 1970s. In contrast, it was precipitated by the increase in manufacturing activities from 11 percent of total Gross Domestic Product (GDP) in 1960 to 20 percent in 1970. By then, unemployment rate hovered around 3 percent by the early 1970s.
The EDB’s export strategy was backed by wage control measures. In 1972, the National Wages Council (NWC) was formed to set national wage policies and create annual wage guidelines to regulate wage increment.
In view of this economic setback, the Government embarked on its ‘Second Industrial Revolution‘ in 1979 to undergo economic restructuring. It can be understood by its three-pronged approach:
What can we learn from this article?
Consider the following question:
– To what extent was government intervention most crucial in explaining the economic development of Singapore?
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What is the purpose of the ASEAN Regional Forum?
/in History SBCS, Regional Conflicts and Cooperation/by Justin NgTopic of Study [For H2 History Students]:
Paper 2: Regional Conflicts and Co-operation
Source Based Case Study
Theme III Chapter 2: ASEAN (Growth and Development of ASEAN: Building regional peace and security)
The ASEAN Regional Forum
On 25 July 1994, member nations of the regional organisation gathered in Bangkok to establish the ASEAN Regional Forum (ARF). Its purpose was to engage external powers and foster extra-ASEAN relations. By doing so, the peace and security of the Asia-Pacific region is maintained.
Facing Goliath: The South China Sea dispute
After the end of the Cold War, ASEAN had to deal with the challenges arising from a multi-polar world. One such challenge revolved around the South China Sea territorial dispute.
It was a contentious case not only because of the linked interests with the Chinese authorities, but also other member nations such as the Philippines and later Vietnam.
As brought up by the former ASEAN Secretary-General (1998-2002), the ARF was a suitable platform to bring up sensitive issues without escalating them into troubling disputes.
The repeated focus on such topics as regional security matters have helped to align the perceptions of stakeholders, even though there were unfortunate flashpoints.
Although ASEAN had encountered obstacles in managing maritime disputes, particularly in the South China Sea, there were noteworthy achievements due to opportunities presented by the ARF.
What can we learn from this article?
Consider the following question:
– To what extent was the ARF effective in keeping ASEAN relevant in the post-Cold War world?
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What are the Seven Sisters Oil Companies?
/in Global Economy, History Essays/by Justin NgTopic of Study [For H2 History Students]:
Paper 1: Understanding the Global Economy (1945-2000)
Section B: Essay Writing
Theme II Chapter 1: Reasons for growth of the global economy
What are the ‘Seven Sisters’?
It refers to a group of integrated international oil companies that dominated the global oil markets from the mid-1940s to the mid-1970s. In the 1950s, the head of the Italian state-owned company Eni Enrico Mattei dubbed these companies as the ‘Seven Sisters’.
There were seven members:
Some of these members took on more familiar names, partly due to mergers. For instance, Gulf Oil and Texaco are part of Chevron. Notably, among these companies, most were owned by the Americans, including the well-known Rockefeller (Standard Oil).
By 1949, they occupied 82% of the discovered oil reserves outside the United States. The main role of the Seven Sisters was to keep oil prices stable so as to prevent the problematic ‘price collapse’ that frequently haunted the oil industry.
Price setting
The Seven Sisters established a system to ascertain the pricing of crude oil. Between the 1920 and the early 1970s, there were two markets: the US and the non-US. In the US, crude oil prices were set in free markets.
Outside the US, major oil producers had greater influence on production, which affects supply. Producers used a ‘basing point’ price system to prevent the occurrence of price wars.
A new age: Enter OPEC
In the Middle East, governments in oil-rich countries began to organise themselves.
In April 1951, the Iranian Prime Minister Mohammad Mossadegh nationalised the nation’s oil assets, angering the owners of British Petroleum (BP). In retaliation, the Seven Sister members boycotted Iranian oil exports, forcing its output to fall to almost zero. In August 1953, Mossadegh was overthrown, resulting in the reversal of the nationalisation policies.
In 1958, two anti-Western uprising took place in Iraq and Venezuela, eventually leading to the diminished influence of the Seven Sisters in the global crude oil industry. In January 1958, a revolution had toppled the military regime under General Pérez Jiménez. The new Venezuelan government requested a lawyer Juan Pablo Pérez Alfonzo (later known as the ‘Father of OPEC’) to form a national oil company. In six months later, Iraqi forces led a military coup against King Faisal II and the pro-Western Nuri al-Said.
In September 1960, Kuwait, Iraq, Iran, Venezuela and Saudi Arabia gathered in Baghdad and set up the Organisation of the Petroleum Exporting Countries (OPEC). By then, OPEC had occupied more than four-fifths of the world’s oil exports.
Libya made the first move to challenge the dominance of the Seven Sisters. In September 1969, a military coup against King Idris I resulted in the rise of the leader Muammar Qaddafi. Qaddafi successfully demanded a hike in the per barrel price of oil. Subsequently, other OPEC members followed suit, setting off a frenzy.
What can we learn from this article?
Consider the following question:
– Assess the view that oil was the most significant factor that influenced the development of the global economy in the post-war years.
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