This dissertation shows how short-term political and geopolitical considerations shaped the macroeconomic policies of the United States, the Federal Republic of Germany, France and the United Kingdom from 1969 to 1985. It explains that Western governments considered the monetary, energy and economic crises a threat to the capitalist system and the international order. They frequently compared the 1970s with the 1930s and feared that the crises could lead to a similar breakdown of the social, political and economic order. These considerations fostered Atlantic cooperation. At the same time, Western governments competed intensively against each other. They tried to shift the burden of economic adjustment and the costs of defending the capitalist system to each other and developed selfish strategies to defend their position in the international order. In particular, the US government saw crises as an opportunity to reorganize the international economic system and reaffirm its political leadership.