Word: cartelism
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...speech had had some impact in one of its aims: dividing the Third World. Clearly, the U.S. wanted to distinguish the goals and needs of the truly poor nations from those of suddenly prosperous oil-producing states. There were at least half a dozen critical references to the OPEC cartel in the text. For example, Moynihan reminded the U.N. delegates that world economic stability requires sustained growth in the industrial countries, which, in turn, need "reliable supplies of energy, raw materials and other products at a fair price." The U.S. then charged that the quadrupling of oil prices has inflicted...
Unhappily, the systems of Adam Smith, and even of Keynes, give little guidance as to how to cope with the malaise. Much of the explosive 1973-74 inflation, of course, resulted from what economists call "random shocks" to the system: oil price gouging by the OPEC cartel and food shortages caused largely by unusual weather. But the underlying inflationary momentum seems to be supplied by modern capitalist democracy...
...quintupling of oil prices and the sharp rise in food costs caused by unusually bad weather round the world. This year's U.S. harvest appears to be big. As for oil prices, they will almost certainly rise again in September, despite Ford's warning to the OPEC cartel last week that another increase would be "very disruptive and totally unacceptable." But the rise, while harmful, will be nowhere near as great as in the recent past...
...mood perhaps too wishful, some top bankers have insisted lately that the OPEC oil cartel's domineering note in the world economy would soon diminish. But last week Walter Levy, dean of U.S. oil experts, punctured that optimism. In a closely argued study, he contends that OPEC's balance of payments surpluses-and high prices-will continue disrupting the global economy at least through the early 1980s...
...than the banks anticipate-or roughly until 1983-84-before the problem begins to diminish. Meanwhile, his latest analysis suggests no way out of the box. But he has previously voiced hope that a united front of oil importers could convince OPEC that it is not even in the cartel's own long-run best interest to bankrupt its customers for the sake of earning high revenues that the oil countries cannot profitably...