Word: bested
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Dates: during 1970-1979
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...typical Panavision entrance for the 13 oil ministers of the Organization of Petroleum Exporting Countries. The price-fixing cartel that had tiptoed onto the stage of international power politics a decade earlier was gathering amidst pomp, pageantry and supertight security to do what it had learned to do best: demand more money...
...Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
Midway through the fourth day, the ministers called it quits. An exhausted Yamani pledged to hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There will definitely be a [global] recession. We will notice a sharp drop in the spot market. Then there will be some sort of unification of price levels among OPEC members...
...most discouraging aspect of rising oil prices, said Okun, is that the recession will only temporarily and modestly constrain inflation. At very best, the rate of price increases will come down to 8%. After the 1974-75 recession, inflation was 5%, which at that time was considered "intolerable, horrible and unacceptable." Indexing, which automatically raises wages and pensions along with the price index, is not a cure but a disease that institutionalizes inflation, added Okun. He estimates that "if all payrolls were indexed instead of the roughly 15% that are now, the consumer price index would have risen more than...
...region's beneficent climate and low wage rates continued to attract business. The Southwest surged because its oil and natural gas were in heavy demand. Farmers in the Midwest grain belt and the far West prospered, largely because a hungry world increased its call for what America produces best: food. Average farm incomes increased 117% from 1970 to $23,263 per family in 1978 and are higher now. The region that fared best of all was the intermountain West because it is a trove of oil, gas, coal, shale and almost all the increasingly precious energy resources. Construction cranes...