In 1973 the world was confronted with the first global energy crisis. This crisis is generally explained with reference to the yom kippur war, however there are a number of sources arguing that the scarcity of oil was actually staged, for various other reasons. They try to show the events in relation to a number of economical, political and cultural shifts that prepared, accompanied and supported the energy crisis.
The related concepts of fiat money, immaterial labour, resource scarcity and concept art all seemed to have appeared simultaneously. They share an altered understanding of production and accumulation of value and through that they indicate a more general crisis. To gain an understanding of this crisis, not only the fall of the Bretton Woods system and the role of the US-dollar in the global economy has to be examined but also the cultural discourse about the value of the object and the growing interest in the notion of immateriality. The latter two also carried a utopian potential. The simultaneity of the crisis and a utopian potential is confusing but not at all preposterous.
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