Global Oil Crisis Research Articles

Irena and iea: Moving Together Towards a Sustainable Energy Future—Competition or Collaboration?

The aim of this article is to critically examine, from a legal perspective, the relationship between the International Energy Agency (iea) and the International Renewable Energy Agency (irena). The iea was established in 1973 in response to the global oil crisis. It currently has 29 member states. Its original mandate has been expanded to include ensuring reliable, affordable, and clean energy. irena was established in 2009. Its main objective is to promote sustainable use of all forms of renewable energy. With 138 member states, and many more in the process of accession, irena is becoming a truly universal organization. Both the iea and irena focus their attention on sustainable energy. Is there an institutional overlap or an unnecessary duplication in scope? Are irena’s activities in sustainable energy, which seemingly parallel those of the iea, justified by its aims and global reach? By addressing these and related questions, the article discusses whether the relationship between the iea and irena can be seen as competition or collaboration. The relationship is analysed within the context of the un Sustainable Energy for All Initiative.

New business models for state companies in the oil industry

Abstract In the scientific literature business models are defined as architecture of the value creation, profit formula, key processes and key resources. For the oil industry there is a need to develop new business models that have to describe the specificity of this industry and to take into consideration the new objectives after the global oil crisis. Although crude oil price has dropped dramatically since second quarter 2014, OPEC raised crude output to the its highest value in more than three years as it pressed on with a strategy to protect market share and pressure competing producers. The objective of this article is to identify and promote new business models for state companies in the oil industry. The research methodology is based on case studies that present and analyze the business models in two of the main oil producers Iran and Iraq, where the state companies are playing an important role in this industry. The subject is relevant because the business models for state companies in the oil industry have to be modified after the oil crisis and these are not real analysed in the scientific literature. Furthermore, the aspects discussed in the current article represent the main factors that will influence investment prospects of companies in the field in the next decade.

Using global transcription machinery engineering (gTME) to improve ethanol tolerance of Zymomonas mobilis.

BackgroundWith the increasing global crude oil crisis and resulting environmental concerns, the production of biofuels from renewable resources has become increasingly important. One of the major challenges faced during the process of biofuel production is the low tolerance of the microbial host towards increasing biofuel concentrations.ResultsHere, we demonstrate that the ethanol tolerance of Zymomonas mobilis can be greatly enhanced through the random mutagenesis of global transcription factor RpoD protein, (σ70). Using an enrichment screening, four mutants with elevated ethanol tolerance were isolated from error-prone PCR libraries. All mutants showed significant growth improvement in the presence of ethanol stress when compared to the control strain. After an ethanol (9 %) stress exposure lasting 22 h, the rate of glucose consumption was approximately 1.77, 1.78 and 1.39 g L−1 h−1 in the best ethanol-tolerant strain ZM4-mrpoD4, its rebuilt mutant strain ZM4-imrpoD and the control strain, respectively. Our results indicated that both ZM4-mrpoD4 and ZM4-imrpoD consumed glucose at a faster rate after the initial 9 % (v/v) ethanol stress, as nearly 0.64 % of the initial glucose remained after 54 h incubation versus approximately 5.43 % for the control strain. At 9 % ethanol stress, the net ethanol productions by ZM4-mrpoD4 and ZM4-imrpoD during the 30–54 h were 13.0–14.1 g/l versus only 6.6–7.7 g/l for the control strain. The pyruvate decarboxylase activity of ZM4-mrpoD4 was 62.23 and 68.42 U/g at 24 and 48 h, respectively, which were 2.6 and 1.6 times higher than the control strain. After 24 and 48 h of 9 % ethanol stress, the alcohol dehydrogenase activities of ZM4-mrpoD4 were also augmented, showing an approximate 1.4 and 1.3 times increase, respectively, when compared to the control strain. Subsequent quantitative real-time PCR analysis under these stress conditions revealed that the relative expression of pdc in cultured (6 and 24 h) ZM4-mrpoD4 increased by 9.0- and 12.7-fold when compared to control strain.ConclusionsCollectively, these results demonstrate that the RpoD mutation can enhance ethanol tolerance in Z. mobilis. Our results also suggested that RpoD may play an important role in resisting high ethanol concentration in Z. mobilis and manipulating RpoD via global transcription machinery engineering (gTME) can provide an alternative and useful approach for strain improvement for complex phenotypes.

Coupling spectroscopic and chromatographic techniques for evaluation of the depositional history of hydrocarbons in a subtropical estuary

Spectroscopic and chromatographic techniques can be used together to evaluate hydrocarbon inputs to coastal environments such as the Paranaguá estuarine system (PES), located in the SW Atlantic, Brazil. Historical inputs of aliphatic hydrocarbons (AHs) and polycyclic aromatic hydrocarbons (PAHs) were analyzed using two sediment cores from the PES. The AHs were related to the presence of biogenic organic matter and degraded oil residues. The PAHs were associated with mixed sources. The highest hydrocarbon concentrations were related to oil spills, while relatively low levels could be attributed to the decrease in oil usage during the global oil crisis. The results of electron paramagnetic resonance were in agreement with the absolute AHs and PAHs concentrations measured by chromatographic techniques, while near-infrared spectroscopy results were consistent with unresolved complex mixture (UCM)/total n-alkanes ratios. These findings suggest that the use of a combination of techniques can increase the accuracy of assessment of contamination in sediments.

Sosyal Belediyecilik Uygulamalarında Kent Bilgi Sistemlerinin Kullanımı: Konya Büyükşehir Belediyesi Örneği

Social policies, which have gained importance after Industrial Revolution have substantially changed in line with economic understanding. With global oil crisis in the 1970s, the process of transformation in which wealth state enter has also influenced wealth. This process of transformation which can be summarized as passage to free market economy by abandoning Keynesian economic policies, governments come to decentralize their non-fundamental duties to local administrations, private sector or non-governmental organizations. Together with social policy practices of central administrations, local administrations have come to the fore as fundamental social politic actors by moving with the times. The weight of local administrations in social policy systems can vary along countries and in recent years it is seen that municipalities in Turkey has started come to the fore with social policy practices. The concept of social policy is adopted in municipal work as social municipal work. In this context, with social data center project by the Konya Metropolitan Municipality a detailed investigation is carried out on the social fabric of the city. The project aims to inform every relief institution about any relief received in the system, to help those who are indeed need, to prevent repetitive aids and thus abuse, fairly distribute relief supplies, prevent waste of recourses by informing relief institutions to a maximum extend. In this study, the importance of data about social fabric needed to make optimal decisions in conduction of civic services and information obtained was analyzed

ANALYSIS AND OPTIMIZATION of INJECTION TIMING for AN ADVANCED COMPRESSED AIR ENGINE KIT

Increasing air pollution levels and the global oil crisis has become a major hindrance in the growth of our automobile sector. Traditional Internal Combustion engines running on non-renewable fuels are proving to be the major culprit for the harmful effects on environment. With few modifications and also with assistance of few additional components current small SI engines can be modified into a pneumatic engine (commonly known as Compressed Air Engines) without much technical complications where the working fluid is compressed air. The working principle is very basic as adiabatic expansion of the compressed air takes place inside the cylinder pushing the piston downwards creating enough MEP to run the crank shaft at decent RPM. With the assistance of new research and development on pneumatic engines can explore the potential of pneumatic engines as a viable option over IC engines. The paper deals with analysis on RPM variation with corresponding compressed air injection at different crank angles from TDC keeping constant injection time period. Similarly RPM variation can also be observed at different injection pressures with similar injection angle variation. A setup employing a combination of magnetic switch (reed switch), magnets and solenoid valve is used in order to injection timing control. A conclusive data is obtained after detailed analysis of RPM variation that can be employed in newly modified pneumatic engines in order to enhance the running performance. With a number of benefits offered by pneumatic engine over IC engines such as no emissions, better efficiency, low running cost, light weight accompanied by optimized injection conditions can cause a significant development in pneumatic engines without any major alteration.

The tyranny of energy conservation in the workplace

This editorial is taken from a British perspective, but it may chime a little with those in other countries. In 1974, a BBC Horizon programme investigated how new technology was impacting on people’s lives. A modern movement building in the North East of England had recently been completed. Its function was to house a computer, which was a very large piece of equipment. The computer was also very delicate – prone to draughts, changes in temperature, humidity and sunlight. It was also indifferent to the view. Thus, the building was sealed, with constant temperature, dry atmosphere, little natural light and no sunlight. The employees, on the other hand, craved variation from their indoor environment and a view to the outside. The employers could not understand why the staff always felt demotivated, listless and unwell, while absenteeism and staff turnover were well above the norm. It was little surprise, even Le Corbusier, the doyen of the modern movement had stated that people had to learn the spirit living in mass-production buildings. 1 The implication being that buildings would be constructed in accordance with worthy principles, and users would have to change their behaviour to fit the buildings. However, in the 1970s, there was little energy conservation. U values had been introduced to the building regulations, but they were easily achieved with cavity wall construction. Nevertheless, the buildings inspired by modernism presented new challenges. Regardless of whether they were living accommodation or workplaces, concrete frames and concrete cladding were prone to condensation and cold bridges. This generated an industry of insulation production that would become increasingly significant towards the end of the 20th century. The 1970s were significant in other ways. Indeed, the Horizon programme itself was responding to the global oil crisis in late 1973 and the three-day week (January to March 1974). The Heath Government had taken this dramatic action to avoid Britain’s industry grinding to a halt as a result of a combination of the oil crisis and an impending strike by the National Union of Mineworkers. It involved cutting electricity supplies to three consecutive days a week to conserve coal stocks. This was observed by an up and coming thrusting politician named Margaret Thatcher, who vowed that if she ever became Prime Minister, the Country would never be placed in this position again. Her actions in the 1980s included reform of the Unions and promotion of energy conservation. The most significant legislation was the 1984 Building Act that produced a new generation of Building Regulations. These seemed to be revised almost on an annual basis, and of all the sections, part L – Conservation of Fuel and Power was changed the most. First, U values were radically reduced to combat fabric losses, then the whole system for evaluating building designs was totally changed, and air infiltration was targeted, with the progressive sealing of buildings. During this period, the 1992 Rio Earth summit on climate change and reduction in use of fossil fuels introduced Agenda 21, part of which was to conserve resources. It was followed by the Kyoto Protocol, which started in 2008, as an international agreement linked to the UN convention on climate change. It was based on the premise that global warming exists, and man-made CO2 emissions have caused it. All of these provisions were generating an unstoppable momentum. The proponents of the measures would state that they are all totally reasonable, and the only failing was that they should have been introduced earlier. This is a justifiable position, but as with all evangelical movements, the lack of challenge is unsettling. Local authorities from the north of Scotland to the Tropic of Capricorn in Australia were making similar proclamations. Aberdeenshire Council, for instance, pointed out that reducing energy has many advantages. It saves money, reduces carbon emissions, can improve a working environment and will enhance the Council’s reputation. The Authority’s solution was to appoint energy champions from the staff, to carry

Biofuels from a strategic standpoint: an overview of the literature

The panorama of fuel production began to undergo transformations as of 1973 pursuant to global oil crisis, which is the world's main fossil fuel. The purpose of this work is to revise and analyse the literature on biofuels from a strategic standpoint, outlining the scope of research into this subject and of how the theme has evolved over time. The methodological approach was based on a bibliometric study involving a content analysis of the publications and citations in the period of 1999 to 2010. The findings reveal the growing interest in the subject as of 2006, and a strong increase in the number of published studies. The themes of greatest research interest have been alternative energy sources and their possible impacts on agriculture, followed by substitute fuels and biomass, as well as analyses of their impact on performance and gas emissions. A link was also found in collaborative studies among the England, Germany and Malaysia.

Solar Photoconversion to Photovoltaic Electricity and Solar Fuels: Forty Years of History, Progress, New Concepts, and Prognosis

Since the global oil crisis of 1973 that followed the Fujishima-Honda paper of 1972 showing that under certain conditions semiconductor photoelectrodes could be used to photolytically split H2O into H2 and O2, there have been large international research and development efforts to produce cost effective solar fuels, such as H2 from H2O splitting or renewable carbon-based fuels from the photoreduction of CO2 with H2O, as occurs in biological photosynthesis. Parallel efforts to develop cost effective solar electricity from photovoltaic cells were also accelerated. The intensity of both of these R&D efforts have waxed and waned over the ensuing 40 years depending upon political leadership, societal/political perceptions of the severity of the energy security problem and global climate change (and their respective relative priority), and the state of the national economy of nations funding R& D in this area. Over this rather significant time period there have been many importance advances in the associated and highly interdisciplinary science and technology, new innovations and concepts, and some persistently difficult technological barriers to penetrate that have prevented commercialization, especially in producing cost effective solar fuels. The scientific and technological history, advances, new concepts, persistent barriers, and present status of viable solar fuels and solar electricity production will be discussed.

Danish heat atlas as a support tool for energy system models

In the past four decades following the global oil crisis in 1973, Denmark has implemented remarkable changes in its energy sector, mainly due to the energy conservation measures on the demand side and the energy efficiency improvements on the supply side. Nowadays, the capital intensive infrastructure investments, such as the expansion of district heating networks and the introduction of significant heat saving measures require highly detailed decision-support tool. A Danish heat atlas provides highly detailed database with extensive information about more than 2.5 million buildings in Denmark. Energy system analysis tools incorporate environmental, economic, energy and engineering analysis of future energy systems and are considered crucial for the quantitative assessment of transitional scenarios towards future milestones, such as EU 2020 goals and Denmark’s goal of achieving fossil free society after 2050. The present paper shows how a Danish heat atlas can be used for providing inputs to energy system models, especially related to the analysis of heat saving measures within building stock and expansion of district heating networks. As a result, marginal cost curves are created, approximated and prepared for the use in optimization energy system model. Moreover, it is concluded that heat atlas can contribute as a tool for data storage and visualisation of results.

Model for Determining Geographical Distribution of Heat Saving Potentials in Danish Building Stock

Since the global oil crisis in the 1970s, Denmark has followed a path towards energy independency by continuously improving its energy efficiency and energy conservation. Energy efficiency was mainly tackled by introducing a high number of combined heat and power plants in the system, while energy conservation was predominantly approached by implementing heat saving measures. Today, with the goal of 100% renewable energy within the power and heat sector by the year 2035, reductions in energy demand for space heating and the preparation of domestic hot water remain at the top of the agenda in Denmark. A highly detailed model for determining heat demand, possible heat savings and associated costs in the Danish building stock is presented. Both scheduled and energy-saving renovations until year 2030 have been analyzed. The highly detailed GIS-based heat atlas for Denmark is used as a container for storing data about physical properties for 2.5 million buildings in Denmark. Consequently, the results of the analysis can be represented on a single building level. Under the assumption that buildings with the most profitable heat savings are renovated first, the consequences of heat savings for the economy and energy system have been quantified and geographically referenced. The possibilities for further improvements of the model and the application to other geographical regions have been discussed.

Sustainable power plants: A support tool for the analysis of alternatives

Shortage of fossil fuels and global oil crisis are leading many national energy authorities to switch from traditional fuels to other renewable ones. On the other hand, in several western countries – due to an increasing environmental awareness – public acceptance of traditional power plants (e.g., coal or fired oil) is steadily decreasing, mostly because of their significant environmental pressures. Decision makers’ activities need to be supported by objective tools, which must be designed to be able to select the best alternative in order to achieve some prefixed goals. Therefore, in the present study, a tool is proposed to support decision makers: it is based on Life Cycle Assessment data from seven different power plants (coal, fired oil, fired gas, nuclear, wind, solar and hydroelectric), to understand what is taken into in terms of material fluxes, and how much it costs in a specific context. Consequently, an Analytic Hierarchy Process has been proposed to select which one might be the best alternative in function of the considered scale and ten environmental criteria. The proposed procedure aims to evaluate different power plants and identify the most environmentally sustainable one in function of plant construction and operation phases.

Saudi Influence on Islamic Institutions in Turkey Beginning in the 1970s

This article investigates the influence of Saudi Arabia on aspects of social, political, and economic life in Turkey. Since the 1970s, long before the rise of the Justice and Development Party (AKP) of today, Turkish-Saudi Arabian relations have been characterized by an increasing degree of cooperation, solidarity, and partnership centered on certain economic, diplomatic, social, and cultural activities with a good deal of content. Turkey's orientation toward the Middle East in general and Saudi Arabia in particular traces to the global oil crisis that started in 1973 and its severe effects on the Turkish economy; it also stems from some of Turkey's foreign policy goals with regard to the Cyprus issue and its relations with regional and global actors. Examples of Saudi influence have included the involvement of Saudi-based non-governmental organizations (NGOs) and multinational corporations (MNCs) in Turkey, Turkey's membership in the Organization of the Conference (OIC), and Turkish labor migration to Saudi Arabia, with a spillover effect in a wide range of other arenas. This particular aspect of Turkish-Saudi Arabian relations is analyzed using the theory of complex interdependence, which underscores the importance of economic, social, and cultural issues in international relations in addition to that of traditional political, diplomatic, and military goals. Islam in Turkey has usually been studied with a focus on its various political, social, cultural, and economic aspects. A systematic examination of some extraneous factors that have impinged upon these aspects throughout the Turkish Republican era can offer a new perspective. Some of these extraneous factors, all of which have influenced Islam in Turkey, include the Cold War and the bipolar global political structure; US support for religious movements to fight against communism; the establishment of a Jewish state in the Middle East and the Palestinian Intifada; the 1973 oil crisis and Saudi Arabian international activism; the Iranian Revolution and Iranian international activism; jihadist movements in Afghanistan and the Caucasus; and labor immigration to Europe and the Middle East. The purpose of this article is to offer a theoretical and empirical analysis of the Saudi Arabian factor, among others. What are the main arenas of life in Turkey in which Saudi Arabia has been involved, and in what ways has this constituted a major variable? Who are the main actors? Has Saudi Arabia promoted Islamic fundamentalism in Turkey as it is sometimes claimed? This article analyzes these issues from the perspective of the theory of complex interdependence, which argues that international relations is not only driven by security matters, but also by various economic, social, cultural, ecological, and other concerns in varying degrees, as influenced by a plethora of actors that may include members of diplomatic missions, transnational and trans-governmental organizations, intergovernmental organizations, individual persons, etc., and which may take place through official and unofficial channels. Turkish-Saudi Arabian relations have been characterized by an increasing tone of rapprochement, cooperation, and solidarity beginning in the 1970s, with occasional fluctuations, and relying on some commonly shared historical and cultural values in addition to the awareness of shared economic and diplomatic interests related to the 1973 Arab-Israeli War and ensuing global oil crisis, the Cyprus issue, and problems of the Turkish population in Bulgaria, as well as the questions of the Israeli occupation of Jerusalem and the Palestinian Intifada. A common theme in most of these areas is the shared identity of Turkey and Saudi Arabia. While the aforementioned issues led to closer relations in the 1970s and 1980s, the growing cooperation has remained in effect to the present. The Theory of Interdependence Explained Complex interdependence offers a refinement and synthesis of traditionalist (realist) and modernist (idealist) theories of international relations, with an argument that neither of these two schools presents a complete picture of global politics and that in a progressively more sophisticated global political environment, a more accurate view could be developed through their amalgamation. …

Historical trends of homicide and road traffic fatalities in South Africa: 1968–1989

IntroductionSouth Africa has a high injury burden, with homicide and road traffic injuries (RTI) being the leading causes of injury death. There is little information about long-term trends. Good quality...

Oil Panic and the Global Crisis: Predictions and Myths

Oil Panic and the Global Crisis: Predictions and Myths

Hydrogen energetics: Past, present, prospects

The deficit of organic fossil fuels and growing global ecological problems has attached increased interest to renewable power sources and hydrogen technologies. A series of major programs are presently in progress, whose ultimate goal is to realize the concept of hydrogen energy systems. The paper considers the dynamics in the development of hydrogen energetics whose concept has been conceived on the background of the global oil crisis of the 1970s.

The Selected Letters of Frederick Manfred, 1932–1954 ed. by Arthur R. Huseboe and Nancy Owen Nelson

274 Western American Literature Notes seems contrived to convince the reader that this really is a journal. In a three-page span the author manages to talk about how it feels to know oil is beneath the ground, a winter in Utah, and the global oil crisis. He then con­ tinues with, “. . . soft-shell crab. Key lime pie. Tomatoes.” “Girls with big chests. . . . Calves that have been to aerobic class.” “Shish kebob. Mediterran­ ean beef. Melon balls.” It’s the sort of non-sequitur nonsense that one might have heard in a San Francisco coffee house during the late ’50s. Nonetheless, there are manyelements, and I suspect these are not the lucky punches of a “wild fighter,” to commend the book. For starters, anyone under thirty who sits on his porch in the morning and listens to a John Prine album can’t be all bad. Also, as Bass tells the reader, “I know how to find oil.” And in the process of relating this knowledge of “reverse history,” he tells us many fascinating things about his craft. The history of oil exploration in Black Warrior Basin is brief and interesting. The discussion of geological mapping and drilling new holes is well wrought. In addition, there are many fresh and delightful images that make Oil Notes worthwhile. Bass reflects on the slowness of changes, saying, “We do not see them, do not call them ‘changes’at all, no more than we call a beach ‘sand­ stone’ or a jellyfish ‘oil.’” Comparing keeping discovered oil samples in a frosted glass jar with an Olympic gold medal, or a photo of a home run hit in a World Series, Bass says, “But you can’t hold those things and you can’t put them in a bottle and see them after they are gone. Immortal as these other things may sound, capturing energy is really the most magnificent experience.” So what is the final verdict on Rick Bass and Oil Notes? Is he, as Annie Dillard suggests on the book’s jacket, “the best young writer to come along in years.”? Probably not. Is good writing like finding oil, asBass tells us, a combi­ nation of luck and skill? Probably. Am I impressed with Oil Notes enough to read more Rick Bass? You bet! DICK KIRKPATRICK Mesa Community College The Selected Letters of Frederick Manfred, 1932-1954. Edited by Arthur R. Huseboe and Nancy Owen Nelson. (Lincoln: University of Nebraska Press, 1989. 421 pages, $35.00.) One of the many delights of attendance at our annual WLA conferences is the regular appearance there of Frederick Manfred, whose ebullient person­ ality and approachability for discussion of his books (or anything else, for that matter) are great attractions even for such shamefully irregular attenders as myself. For such a major writer not only not to avoid, but in fact to seek out both formal and informal dialogue about his work is quite unusual and refreshing. Reviews 275 The dialogue continues in this superb collection of letters from his forma­ tive period, to the great benefit of students not only of Manfred’s work and of western literature, but of American culture in general. The letters span the period from his college years through his struggle with tuberculosis, his early loves and marriage, his development as a writer, to the appearance of his masterpiece, Lord Grizzly. In 1946, in a project initiated by Sinclair Lewis, Manfred began deposit­ ing his papers at the University of Minnesota, and in 1982, prompted by fears of nuclear destruction, he designated Augustana College, in Sioux Falls, South Dakota, as a repository for duplicate copies of many of his papers. The collec­ tion has grown to some three thousand letters, virtually all of which are open to research. For this collection, the editors, with Manfred’s invaluable assist­ ance, have selected 161 which seem best to document his personal and intel­ lectual development. Manfred’s correspondents run the gamut from family members and col­ lege friends to editors and prominent writers and critics like Mark Schorer, Robert Penn Warren, John Crowe Ransom, and Van Wyck Brooks. Only Manfred’sletters, of course, are included;giving the other side of the dialogues...

Shoring up the Baht

Despite the fall in the world price of oil, a major item in the country's import bill Thailand's trade deficit rose to a record level in 1983. This culminated in a loss of confidence in the value of the baht. Although the government's policy was to follow a cautious fiscal and monetary policy as laid down in the fifth five-year plan (1982-86), in actual fact, what took place was a very expansionary fiscal and monetary policy following this second global oil crisis. The problems that followed were exacerbated by the government's inability to use certain types of measures particularly the adjustment of the exchange rate. Moreover, the balance of payments crisis occurred at the most unfortunate time. Two finance companies, Thai Land and Housing Credit Foncier, and Equity Development Finance and Securities Company (EDT), collapsed in October 1983 as a result of liquidity problems caused by mismanagement. A chain reaction was set off. More finance companies went down, and many more encountered serious liquidity problems. The collapse of various finance companies and the loss of public confidence in the domestic financial system were partly the consequence of the government's inaction, over the previous four years, in introducing stricter control over finance companies after the collapse of Raja Finance, an important financial house in 1979. From mid-1983, a number of serious problems coincided and confidence in the value of the baht was deteriorating rapidly, yet the government was extremely slow in introducing any measure to alleviate these problems. This was mainly due to the lack of co-operation in the formulation and implementation of fiscal and monetary policies between the key economics agencies: the Finance Ministry, the Bank of Thailand and the Planning Board. As a result the problems were left untouched until the crisis escalated out of proportion and eventually a number of drastic actions had to be taken. The measures had been quite successful in restoring confidence in the value of the baht, but they also caused painful side effects. During the first six months of 1984, the number of bankruptcies and dishonoured cheques rose sharply, and the austerity measures became a political issue. What happened in 1984 was mainly the result of official mismanagement of the economy during the previous four years. Therefore, very drastic actions had to be taken in order to restore confidence in the baht and the financial system. Had a more cautious and consistent policy been taken the crisis could have been avoided.