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Conceptualizing institutional change as path-dependent, they consider the cyclical character of regime complexes whereby secular periods of stability are followed by brief ruptures called "punctuated equilibrium" such as the oil shock of 1973 and the establishment of OPEC that preceded it (Colgan et al., 2012) . "During periods of dissatisfaction triggered by high oil prices or major external shocks," they argue, "we see oil-importing states creating or reforming institutions within the regime complex" (Colgan et al., 2012, 135) . |
