Word: cartelism
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...petroleum cartel's leader pushes for automatic price rises...
Normally, meetings of the 13-nation OPEC cartel are accompanied by pomp, pageantry and no small amount of worldwide hand wringing as the cartel's jetabout ministers swoop into distant capitals to push up the price of oil. Yet when word leaked of a secret gathering in Geneva two weeks ago of six of OPEC's top ministers, who had assembled at the invitation of Saudi Arabia to discuss pricing and production strategy, the oil-consuming nations seemed distinctly more relaxed than in the past...
...some respects, OPEC is to the dollar what Charles Darwin was to fundamental Christianity; practically overnight a cartel that controlled most of the planet's known oil reserves demonstrated that financial security was not necessarily descended from paper currency. "The store of value," writes Goodman, "had become oil. The yen, the marks, the dollars, the francs were spent; the oil was saved...
...OPEC hold together? The economists have said no, it can't, it's a cartel, cartels don't survive, it says so right here in this book. The economists knew only numbers, not asibaya, not an Arab sense of community, not the Third World flexing its muscles. We ask, Where will the price go? Ten years ago not a single economist could foresee a tenfold increase in price. OPEC is a Club, not quite a cartel, not as well organized as the Texas Railroad Commission, sometimes more like a bunch of 18th century privateers waiting...
...demoralizations of Viet Nam and Watergate; the humiliations of being outproduced by former enemies and overcharged by a Third World cartel; the inflation that has narrowed the road to middle-class affluence...