These were the most transformative—and controversial—years of Iran’s modern economic history. The oil boom of the early 1970s flooded Iran with unprecedented revenue. After the 1973 oil crisis, state income soared, enabling ambitious development plans. The CIA later referred to this era as the Shah’s “lending spree.” Iran pledged billions of dollars in loans and aid worldwide, from European infrastructure projects to development funds in Asia and Africa.
Ansari stood at the center of this financial explosion. He was responsible for channeling petrodollars into domestic industrialization and international influence. Iran invested in steel mills, automobile manufacturing, petrochemicals, shipping, aviation, and military procurement. Abroad, Iranian capital entered banks, corporations, and government bonds.
