Word: cartels
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Dates: during 1980-1989
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...last indefinitely. The fact that the U.S. now has slipped from its former position as the only real superpower merely reflects historical developments over which Washington had little, if any, control. Among them: the economic recovery and boom in Western Europe and Japan, the formation of the oil cartel and the Kremlin's determination to attain military parity with the U.S. Dimitri Simes points out that potential Third World targets for Soviet intervention have existed since the decolonization movement of the early 1960s. What has changed has been Moscow's military ability to take advantage of such opportunities. Says Simes...
...arguable. Says Richard Kjeldsen, senior international economist for the Security Pacific National Bank: "I cannot think of a single unilateral embargo that has been effective. Nor can I think of an instance in the past when wheat-producing countries have actually got together to function in some concerted, cartel-like operation. An embargo on grain shipments is simply a very leaky boat...
...disunity could lead to price-cutting competition, but only if the industrial countries, and especially the U.S., take more drastic steps to conserve energy and reduce imports than any they have instituted yet?and even then OPEC might come back together. It is presumably not in the cartel's economic or political self-interest to bankrupt its major customers, especially since many of OPEC's member states have invested their excess profits in the West. Yet even moderate nations like Saudi Arabia, which have fought to keep price boosts to a minimum, argue that inflation price hikes will be necessary...