| Abstract: | This paper investigates the durability of the economic underpinnings of the ‘new world order’ allegedly conceived in the Gulf war. Four substantive arguments are advanced: that the mechanism for allied burden‐sharing born in the Gulf war is inferior to its antecedents and inherently more political; that the historically acute economic vulnerability of America's allies to higher oil prices no longer exists; that the prospects for stable and low oil prices through the long run have not been enhanced; and that significant political opportunities for stability in the oil market are evaporating. |
