Word: embargoing
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Dates: during 1980-1989
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Last week the Government disappointed farmers when it raised its estimate of the Soviet Union's grain harvest by 6%. Once the biggest customer for U.S. grain, the Soviet Union has been shopping elsewhere since the 1980 partial grain embargo. Last year the Soviets bought only about 60% of the 23 million tons of U.S. grain that the Government offered to sell them, and their purchases are expected to be lower this year. At a meeting with American officials in Vienna last month, the Soviet Union's chief negotiator, Boris Gordeyev, refused to commit to any new grain...
...found in Economic Sanctions (Harvard University Center for International Affairs; $9.95 paperback), a timely new historical survey by British Diplomat Robin Renwick. The book dispassionately examines numerous episodes of economic warfare, including the League of Nations trade restrictions against Italy following its 1935 invasion of Ethiopia and the U.S. embargo of Cuba after Castro came to power in 1959. As a former head of the Rhodesia department of the British Foreign Office, Renwick brings particular insight to his discussion of the 13-year United Nations effort to topple Rhodesia's white government through a trade embargo...
Whatever punitive economic impact sanctions may have, they have almost invariably failed to achieve their political goal: to change the conduct of an offending government. The League of Nations embargo did not force Italy to withdraw from Ethiopia. Instead, as Renwick notes, the pressure "stiffened Italian resolve...
There was no doubt in my mind that our national security was at stake. In 1973, at the time of the oil embargo, we were importing about 35% of our oil. When I took office, our dependence on uncertain foreign oil supplies had grown to almost 50%-about 9 million bbl. a day. We were the only developed nation without an energy policy, and our total energy consumption was at a record high. The program put into effect during my term has now reversed the movement toward disaster. In some ways the bitter four-year struggle that proved necessary made...
However, more immediate fears are predicated on what would happen if the oil supply to industrialized countries was suddenly cut off. The Arab oil embargo in 1973 and the fall of the shah in 1978 were oil shocks which, according to Yergin, could foreshadow a more rehabilitating oil stoppage. Those two events alone hiked the price of OPEC oil by four and two-and-a-half times respectively, clearly contributing to the West's high inflation and unemployment rates. Yergin predicts that a third oil shock could shake the economic systems of Western countries that have not yet learned...