Economic history · The world economy

Nothing Left to Hold It

1971 to 1982, in twelve parts. The rule that held the world's currencies together, the oil price that rose more than three times over in a year, and why eleven countries that met the same price ended up more than three times apart.

12 modules · about 130 minutes

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Free while the series is being written 3 of the 12 modules are written, and every one of them is free to read now. Nothing is charged and no account is needed.

The 12 modules

Modules are written to be read in order: each one opens on the question the last one closed with. Start wherever you like.

1 One Evening in August A rule the world's money hung on ended in a Sunday broadcast, inside a package of three. Coming soon Free
2 Nothing Put Where It Was Four years of negotiation to replace a system, and what came out was permission to do without one. Coming soon Free
3 It Was Already Rising Prices had been climbing for two years before the embargo, and so had grain. Coming soon Free
4 The Price and the Interruption Crude cost importers more than three times as much in a year, and for months there was less of it. Coming soon Free
5 What They Built Afterwards Statutes, agencies and buried oil. The emergency turned into permanent machinery. Coming soon Free
6 Where the Money Went One side of the world's payments swung tenfold in a year. The other side borrowed. Coming soon Free
7 One Price, Eleven Answers Same oil, same dollar, and inflations more than three times apart. So the answer is at home. 8 steps · 12 min · Free 8 The Shock That Did Less The second price step was bigger in dollars, and most of them peaked lower after it. 8 steps · 12 min · Free 9 The Same Test, Every Candidate Productivity, money, and the bases they rest on, put through one test with the failures printed. 8 steps · 12 min · Free
10 What the Central Banks Were Doing No announced money target governed any of them through the worst year. Three had unannounced ones. Coming soon Free
11 How It Came Down One rate reached seventeen per cent and did not stay there, and eight others moved in the same two months. Coming soon Free
12 The Last Thing Measured Lending halved, the lenders became borrowers, and one last test says which way the rates pointed. Coming soon Free

Country data from the World Bank (CC BY 4.0) and the UNDP Human Development Report (CC BY 3.0 IGO)
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