State Emissary, November 2017. Issue 1 2017 Edition | Page 38

SM | DEVELOPMENT
(G7) summits, which added Canada in 1976 (and
indirectly of the broader Group of 20)—and
successfully dealt with inflationary developments
and the political challenge that came when oil prices
skyrocketed after the Organization of the Petroleum
Exporting Countries cut production in 1973 following
the Arab-Israeli war. Influential voices in the United
States initially pushed for a military solution to the oil
cartel’s challenge. But advanced economies ultimately
adopted an alternative vision, largely driven by US
Secretary of Sta