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Business, 20.04.2021 20:40 deanblackstone

Specialization, Trade, Interdependence At this time, the United States was almost completely reliant on foreign oil, more specifically, oil from the Middle East. Prior to this, the United States had focused its energy on specializing in manufacturing and mass production, leaving the production of other goods, like oil, to other countries. This obviously did not work for the US when their supply of oil was cut off. While it did not work in this situation, explain how specialization like this could be a good thing.

(reading is the oil crisis of 1973)

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