Lessons of the Oil Crisis for the Third World

The author argues that the so-called oil crisis may open out a new perspective on development aid to the Third World if the oil-producing countries, instead of allowing the giant Western banks and corporations to make a grab for their petro dollars (as the Western nations had so far made a grab for incredibly cheap oil energy), decide to pool the surplus oil revenues for self-help among the Third World countries. He suggests the setting up of an interregional Third World Bank, which, unlike the existing World Bank group (typecast as the instrument of the rich market economies), would be the instrument of the developing countries, thus breaking the monopoly of the West in international financing.