ABSTRACT
In this chapter we ask the following questions:
What would have happened to the industrialised economies in the 1970s had commodity prices not risen as sharply as they did in the early 1970s?
What would have happened had OPEC not raised oil prices in 1973–4 and then again in 1978–9?
What would have happened to the industrialised economies had monetary policy behaved in the 1970s as it did in the 1960s when money supply grew at a slower average rate?
