Paper Summary:

This paper discusses the OPEC organization in the 1970s, and its effects, which are examined through a neo-realist framework, and therefore show how the examination of utility-maximizing states both explains and provides meaning to the OPEC issue. OPEC's actions are presented as an example of a counter-hegemonic movement, which, rather than undermining the hegemonic control of the West, was unsuccessful and resulted in OPEC's incorporation into the global economic system.

From the Paper:

"Starting in the 1970s, the Organization of Petroleum Exporting Countries (OPEC) cartel managed to achieve an unprecedented level of control over the economies of the developed Western world, extracting billions of dollars of wealth and damaging the macro-economies of these nations."

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