‘Paying Our Way in the World’: The FCO, Export Promotion and Iran in the 1970s
In late 1973 Britain, and other Western industrialized nations, were dealt a profound shock when, as a result of the Yom Kippur war, the Organization of the Petroleum Exporting Countries (OPEC) quadrupled oil prices. This checked European economic growth for the first time in a quarter of a century and brought with it recession and continuing inflation. The rise in oil costs, coupled with a strike by miners, led to an energy crisis in Britain which pushed the government to declare a state of emergency and a three-day working week from 1 January 1974.
Open Access This chapter is distributed under the terms of the Creative Commons Attribution Noncommercial License, which permits any noncommercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited.