How Albania in the 70s and 80s was hit by the two global oil crises FILE
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Author: Kreshnik KUÇAJ Every Thursday, 20:00 on SCAN TV The consequences of global developments have always affected Albania, regardless of the degree of economic integration that the country has had with the world. In the long list of impacts, in addition to the 'Great Depression' of the 1930s, the Albanian economy has also had a negative impact on what are known as the 'Oil Crises' of the 1970s. These consequences further increased the burden on the Albanian economy, which was suffering both from the failure of the economic model but also from the inhibiting ideology to take energetic reform and reorientation steps. The first oil crisis in 1973 In October 1973, the OPEC countries stopped exporting oil to the USA and other Western countries. This action was taken in the form of a condemnatory reaction to those who supported Israel in the war with Syria and Egypt. As a result of this embargo, the price of oil increased significantly. This development had a chain effect on many industries directly related to oil. In this way, people began to think about alternative sources of energy production. The second oil crisis or 'shock' In 1979, what is known as the second oil crisis or 'shock' broke out. This crisis lasted about 2 years and went through 2 phases. The first phase unfolded in 1979, after massive protests against the regime of the Shah of Iran brought about a complete ban on the oil industry of this country, which was the second oil producer in OPEC, after Saudi Arabia. Meanwhile, the second phase was in the fall of 1980 and was caused by the outbreak of the War between Iran and Iraq, thus reducing oil production. This caused panic in the markets and brought about a sharp increase in prices. Albania and the consequences of the oil crises But how did these crises affect the Albanian economy? What was the austerity regime? How much did these crises contribute to Albania's economic collapse in the 1980s? How did this crisis produce a new industry for Albania, that of recycling? #trending #dosjae #kreshnikkucaj #scantelevisión #oilcrisis #krizatenaftes #kurusim #kommunizem #enverhoxha #shqiperia #history #tirana #story #economy #embargo #opec #iran #irak #saudiarabia #unitedstates #shock
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