ABSTRACT
This chapter explains that Arabs, by suddenly raising the price of oil, have offered themselves as ready-made culprits of world economic disorder. It also discusses that the Arabs and other primary producers for having underwritten the Western world's prosperity in the years following the Second World War. The post-war years were something of a golden age. At the time, economists used to attribute it to the skills of economic management, industrialists to advances of efficiency in their factories, bankers to their wisdom in managing money. Economists differ, as they invariably do over questions that really matter, on the causes of the acceleration of inflation towards the end of the 1960s. For on top of the inflationary forces which the industrial countries had developed within themselves, there appeared a new phenomenon. The trigger for that was commodity price rises; the 1973 boom had overtaxed not only the resources of industrial world but, also the resources of the primary producers.
