Word: globally
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Dates: during 1970-1979
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...Leaders of both parties and many backgrounds−Truman and Eisenhower, Vandenberg and Marshall, Acheson and Dulles−built a national consensus for responsible American world leadership based on both principle and pragmatism. The recovery of Western Europe and Japan, the creation of peacetime alliances, the shaping of the global trade and monetary system, the economic advance of newer and poorer nations, the measures to control the nuclear arms race−these constitute an enduring record of American statesmanship...
...face an equally great challenge today. America is thrust into the role of global leadership with a dual responsibility. We must maintain our security and global peace by the traditional methods of power and diplomacy. But we know that nuclear war could destroy civilization, and therefore we must go beyond traditional foreign policy to shape a world reflecting the imperatives of interdependence and justice...
...nuclear monopoly, but one of substantial nuclear equivalence. Ours is no longer a world of two solid blocs and clear-cut dividing lines, but one of proliferating centers of power and influence. Ours is no longer a world amenable to national solutions, but one of economic interdependence and common global challenges. Ours is a world where moral affirmation can be carried out only through stages, each of which is by definition imperfect...
...past three years, the Organization of Petroleum Exporting Countries has reigned as the world's most successful cartel ever, seemingly able to disregard both world public opinion and market forces. Between late 1973 and 1975, OPEC quintupled global oil prices, helping cause the industrialized world's most severe recession since the 1930s, and managed to make its inflated prices stick even through a worldwide glut of petroleum. Officials in the U.S. and other oil-importing countries kept wishfully thinking that OPEC would somehow split apart, but their hopes were always foiled −until last week. Then...
...countries. The immediate result will probably be chaos in the world oil trade as the big oil companies and consuming nations jockey to buy at the lowest price. But the Saudi action will at least hold the average world oil price below levels that could have precipitated a new global recession...