Word: coppered
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...that can generate wealth by exporting natural resources and those desperately poor countries that still have to import both oil and food grains. Thus oil has transformed nations like Iran, Venezuela, Nigeria and the Arab sheikdoms into a kind of plutocracy of the poor. Countries like Zaire and Zambia (copper), Morocco (phosphates) and Malaysia (rubber) also gained large amounts of foreign exchange. Still a third group, including South Korea, Singapore, Brazil and Mexico, exports enough manufactured goods to cushion the impact of worldwide inflation...
...developing world is essential. The failure to work together is fraught with some very real dangers. For one thing, the producer states possess an enormous potential for disrupting the flow of vital materials to developed countries. Four countries (Chile, Peru, Zambia and Zaire) control fully 80% of the exportable copper in the world; two (Bolivia and Malaysia) account for 70% of the tin; another four (Jamaica, Guinea, Surinam and Guyana) are responsible for 95% of the bauxite exports. Organized in cartels, these producer states could boycott industrialized countries or engage in disastrous price gouging...
...Hunger is settling into the shantytowns around Santiago as the poor find it increasingly difficult to buy food. Workers' salaries, often only $25 to $30 a month, have not kept pace with prices, which rose 94% in the first four months of this year. The fall in international copper prices has badly hurt Chile's major export commodity, forcing the government, in conjunction with other copper-producing nations, to lower production...
...nations clustered in the world's southern hemisphere will try to align and squeeze higher prices out of the relatively rich industrial nations of the northern hemisphere. Already the two sides are squabbling over what to do about the wild swings in prices of such basic materials as copper, rubber and cocoa...
...reached, there remains the task of making them effective. In the past, such agreements-which usually rely on some international body to dictate export quotas designed to keep prices within a set range-have rarely succeeded. Even cartels have not worked for anyone but the oil producers. Copper prices, for example, have fallen 86? per pound in the past year to 54?, despite substantial production cutbacks by four large producers-Chile, Peru, Zambia and Zaïre. To benefit from a sudden jump in coffee prices, Brazil and other growers ignored an international coffee pact more than a year...