1973 oil crisis in the context of "Semiotic arbitrariness"

The 1970s (pronounced "nineteen-seventies"; commonly shortened to the "Seventies" or the "'70s") was the decade that began on January 1, 1970, and ended on December 31, 1979.

In the 21st century, historians have increasingly portrayed the 1970s as a "pivot of change" in world history, focusing especially on the economic upheavals that followed the end of the postwar economic boom. On a global scale, it was characterized by frequent coups, domestic conflicts and civil wars, and various political upheavals and armed conflicts which arose from or were related to decolonization, and the global struggle between NATO, the Warsaw Pact, and the Non-Aligned Movement. Many regions had periods of high-intensity conflict, notably Southeast Asia, the Middle East, Latin America, and Africa.

Arbitrariness is the quality of being "determined by chance, whim, or impulse, and not by necessity, reason, or principle". It is also used to refer to a choice made without any specific criterion or restraint.

Arbitrary decisions are not necessarily the same as random decisions. For example, during the 1973 oil crisis, Americans were allowed to purchase gasoline only on odd-numbered days if their license plate was odd, and on even-numbered days if their license plate was even. The system was well-defined and not random in its restrictions; however, since license plate numbers are completely unrelated to a person's fitness to purchase gasoline, it was still an arbitrary division of people. Similarly, schoolchildren are often organized by their surname in alphabetical order, a non-random yet an arbitrary method—at least in cases where surnames are irrelevant.

Lamborghini (officially Automobili Lamborghini S.p.A. and colloquially Lambo) is an Italian manufacturer of luxury sports cars and SUVs based in Sant'Agata Bolognese. The company is owned by the Volkswagen Group through its subsidiary Audi.

Ferruccio Lamborghini (1916–1993), an Italian manufacturing magnate, founded Automobili Ferruccio Lamborghini S.p.A. in 1963 to compete with Ferrari. The company was noted for using a rear mid-engine, rear-wheel drive layout. Lamborghini grew rapidly during its first decade, but sales plunged in the wake of the 1973 worldwide financial downturn and the oil crisis. The firm's ownership changed three times after 1973, including a bankruptcy in 1978. American Chrysler Corporation took control of Lamborghini in 1987 and sold it to Malaysian investment group Mycom Setdco and Indonesian group V'Power Corporation in 1994. In 1998, Mycom Setdco and V'Power sold Lamborghini to the Volkswagen Group where it was placed under the control of the group's Audi division.

The Japanese economic miracle (Japanese: 高度経済成長, romanized: Kōdo keizai seichō) refers to a period of economic growth in post–World War II Japan. It generally refers to the period from 1955, around which time the per capita gross national income of the country recovered to pre-war levels, and to the onset of the 1973 oil crisis.

Before the war, Japan had achieved industrialisation from the second half of the 19th century, but light industry and agriculture remained the backbone of the economy, and poverty was widespread among the working class and tenant farmers. Heavy industry was primarily focused on the military, such as aviation, shipbuilding, and military vehicles, rather than the production of civilian goods. The Second World War resulted in the loss of all its colonial possessions, and both the mainland's industrial capabilities and population were heavily damaged. After the war, the government was deep in debt, while the people suffered privation of vital supplies, which inevitably caused hyperinflation.

Dirigisme (French: [diʁiʒism]), or dirigism (from French diriger 'to direct'), refers to an economic system in which the state takes an active and directive role in shaping and guiding the economy, rather than limiting itself to a purely regulatory or hands-off approach within a market economy. As an economic doctrine, dirigisme stands in contrast to laissez-faire, highlighting the constructive role of market intervention in addressing inefficiencies and market failures. Dirigiste policies typically include indicative planning, state-guided investment, and the strategic use of market instruments such as taxes and subsidies to encourage economic actors to align with national development goals. Dirigisme is not synonymous with a state-controlled command economy but a market economy and big public sector is required for dirigisme; hence the public sector becomes an instrument for altering the market.

The term emerged in the post–World War II era to describe the economic policies of France which included substantial state-directed investment, the use of indicative economic planning to supplement the market mechanism and the establishment of state enterprises in strategic domestic sectors. It coincided with both the period of substantial economic and demographic growth, known as the Trente Glorieuses which followed the war, and the slowdown beginning with the 1973 oil crisis.

Kenneth Kaunda (28 April 1924 – 17 June 2021), also known as KK, was a Zambian politician who served as the first president of Zambia from 1964 to 1991. He was at the forefront of the struggle for independence from British rule. Dissatisfied with Harry Nkumbula's leadership of the Northern Rhodesian African National Congress, he broke away and founded the Zambian African National Congress, later becoming the head of the socialist United National Independence Party (UNIP).

Kaunda was the first president of independent Zambia. In 1973, following tribal and inter-party violence, all political parties except UNIP were banned through an amendment of the constitution after the signing of the Choma Declaration. At the same time, Kaunda oversaw the acquisition of majority stakes in key foreign-owned companies. The 1973 oil crisis and a slump in export revenues put Zambia in a state of economic crisis. Unrest forced Kaunda to change the rules that had kept him in power. Multi-party elections took place in 1991, in which Frederick Chiluba, the leader of the Movement for Multi-Party Democracy, ousted Kaunda.

The use of solar energy began in Israel in the 1950s with the development by Levi Yissar of a solar water heater to address the energy shortages that plagued the new country. By 1967 around 5% of water of households were solar heated and 50,000 solar heaters had been sold. With the 1970s oil crisis, Harry Zvi Tabor developed the prototype of the solar water heater now used in over 90% of Israeli homes. There are over 1.3 million solar water heaters installed as a result of mandatory solar water heating regulations.

Israeli engineers have been at the cutting edge of solar energy technology and its solar companies work on projects around the world. However, even though Israeli engineers have been involved in both photovoltaic and concentrated solar power, the earliest Israeli companies which have become market leaders in their respective fields have all been involved in concentrated solar power. Some notable examples of this are BrightSource, Solel and Brenmiller Energy which all deal with utility scale projects. Additionally, Herzliya based SolarEdge has become a market leader in inverters for non-utility scale photovoltaic solar power.

Stagflation is the combination of high inflation, stagnant economic growth, and elevated unemployment. The term stagflation, a portmanteau of "stagnation" and "inflation", was popularized, and probably coined, by British politician Iain Macleod in the 1960s, during a period of economic distress in the United Kingdom. It gained broader recognition in the 1970s after a series of global economic shocks, particularly the 1973 oil crisis, which disrupted supply chains and led to rising prices and slowing growth. Stagflation challenges traditional economic theories, which suggest that inflation and unemployment are inversely related, as depicted by the Phillips Curve.

Stagflation presents a policy dilemma, as measures to curb inflation—such as tightening monetary policy—can exacerbate unemployment, while policies aimed at reducing unemployment may fuel inflation. In economic theory, there are two main explanations for stagflation: supply shocks, such as a sharp increase in oil prices, and misguided government policies that hinder industrial output while expanding the money supply too rapidly. The stagflation of the 1970s led to a reevaluation of Keynesian economic policies and contributed to the rise of alternative economic theories, including monetarism and supply-side economics.

The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 oil crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports.

The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s. World oil production per capita began a long-term decline after 1979. The oil crises prompted the first shift towards energy-saving (in particular, fossil fuel-saving) technologies.