Comparative responses to the energy crisis in different economic systems: An extensive analysis

In this paper we present an extensive analysis of the responses of different economic systems to the quadrupling of the world price of crude oil since October 1973. The results of government energy policies are determined by comparing the actual responses to the energy crisis in each country with those that would have occurred given market-clearing actions on the part of suppliers and demanders. The analysis indicates that the responses to the energy crisis were affected less by the type of economic system than by the magnitude of domestic crude-oil productive capacity.