Of course, it is easy for  BIS Review 20/1997  -8-  me to say these things now because I have the benefit of hindsight - it was much harder at the time to see that we were overstretching ourselves. By 1973, the world economy already had an entrenched inflationary problem, not just a temporary one as in the Korean War period.
Whether OPEC had come along or not, it would still have been necessary to re-examine demand management policies and do something about restoring the sort of conditions that existed in the 1945-65 period.