ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

Iran-Decline and Fall

NOTHING illustrates the collapse of the whole edifice that the Shah had built over the last 25 years than the way in which the economic boom for which Iran had become famous since the massive inflow of oil money has so suddenly turned out to be a mere bubble. For almost a year now, Iran has been virtually without a government; and with the masses responding to every Call by the exiled religions leader, Ayotollah Khomeini, and with workers in banking, shipping, transport and communication services, and above. all, in the oil refineries almost continuously on strike, the whole money economy seems to have collapsed. The collapse of the system is most dramatically seen in the continued fall in oil production; from an average daily production of over 5 million barrels per day, it sharply came down in the course of a few weeks to less 'than half a million barrels a day till it finally Stopped towards end of December, with the refineries themselves shut down. The chairman of the National Iranian Oil Company, according to one report, has been ready to concede any wage demand of the oil workers; but the strikers have maintained that the stoppage would continue until the Shah quits. Thus, the regime which sought to project itself as the guardian of stability m a wide arc of territory Stretching across west, south and southeast Asia on the basis of its economic strength by virtue of being the world's second biggest exporter of petroleum has had to take recourse to import of oil; and its closest neighbours and major oil producers have refused to sell it oil.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here

Back to Top