Word: cocoa
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...East. Further, in a side trip to two economic conferences in Paris, Kissinger promised that the U.S. would begin building what he called a "new order" in the world economy. He signaled American willingness to talk with developing nations about stabilizing prices for raw materials like copper, rubber and cocoa as well as oil. In a related step aimed at impressing the OPEC cartel that the U.S. is determined to conserve energy, Ford imposed a second $1-per-barrel tariff on imported oil and proposed phasing out price controls on domestic oil later this month (see ECONOMY & BUSINESS...
Even before the Organization of Petroleum Exporting Countries began jacking up oil prices in 1973, prices for other raw materials were breaking records. Spurred by shortages and rampant speculation in commodities markets, prices for such staples as copper, rubber, cocoa, coffee, platinum and cotton rose sharply; some had doubled or tripled by mid-1974. But after the oil crisis helped push the West into recession, commodities prices tumbled, in some cases to a third of what they had been at the peak. Copper, for example, rose nearly 300% in 17 months, peaking at $1.40 per Ib. a year ago; this...
Third, we meet end the domination that our multi-national corporations now hold over the economics of the poorer nations. At the least, countries could grow grain, not cocoa, coffee, and bananas. Also, we can recognize that the industrial-agricultural practices of the West will, in the long run, inhibit the effective production of food. Not through energy-wasteful technology, not by making the Third World over in our own image, but by the redistribution of land and the intensive, organic cultivation of small farms will the problem of starvation be solved...
...said: "I read in the encyclopedia that Ghana exports most of the world's cocoa. I just love chocolate...
...Third World became a more exclusive, OPEC-led grouping, limited to those nations that are exploiting their rich mineral or agricultural resources. Emboldened by the oil producers' success, many other Third World countries tried to create their own price-fixing cartels for copper, iron ore, tin, phosphates, rubber, coffee, cocoa, pepper and bananas. Their leaders talked of "one, two, many OPECs." The grand plans generally failed because members have lacked the cohesiveness to make them work ?so far. But the new importance of raw materials moved some big producers to raise prices unilaterally. Jamaica, for example, abrogated contracts with...