VOL. XLII

No. 27

5-July-1999

OPEC

Managing The Oil Wealth: OPECs WindfallsAnd Pitfalls

by Jahangir Amuzegar

Mr. J. Amuzegar, a distinguished economist and former memberof the IMF Executive Board, has just published a hard-hitting book entitled ManagingThe Oil Wealth: OPECs Windfalls and Pitfalls (I.B. Tauris: London and NewYork, 1999). The following is an excerpt from the books conclusions, reprintedwith permission.

The sudden and dramatic increase in oil revenues and theresulting windfalls placed...