An admirer of "those five spunky little countries . . . who put their heads together in 1960 to found OPEC," Professor Allen strikes three main notes as he tells the oil story. There is power-OPEC acts the way you would expect those who control the oil to act. There is ability-"OPEC members are managing the crude oil industry with greater prudence than that exercised in the past by the companies and consumers." There is cooperation-marked within OPEC though not necessarily lasting, possible between OPEC and the consumers if the consumers see their own long-run interest clearly enough.
Get the best of Foreign Affairs' book reviews delivered to you.
More Reviews on Economic, Social, and Environmental From This Issue