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...same time, the Third World was undergoing a profound change. Especially with the staggering rises in the cost of fuel and food, the developing countries have split into two categories: those, 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...
Much of what the Third World says about the unfairness of past economic relations is at least partly true. During the period of colonialism and in the two decades that followed World War II, the industrialized West did import Third World products at very low prices; foreign companies made huge profits, and comparatively little was poured back into the producing areas...
...authority by imposing the tariff and fee in the first place. White House lawyers will challenge the ruling, even though the President intends to drop the levies anyway, because 1) the Government would like to hold on to some $1.2 billion already collected or due to be paid in import fees, and 2) Ford wants his authority to impose oil tariffs clarified. If the U.S. Supreme Court decides to take on the case and upholds the ruling, the Treasury will have to refund the $1.2 billion to oil importers...
...dame and the temperament of a neurasthenic. In later years she expected Constantine to spend the hours of 7:30 to 10 p.m. as her dinner companion and to act as her gentleman-escort at social functions. Constantine seems not to have bridled. His father, Peter John, headed an import-export firm dealing in textiles from Manchester and Liverpool, cotton and wheat from Egypt. Peter John was a prodigal spender, and at his death the family finances were in precarious shape. Constantino's elder brothers bankrupted the firm...
...rapid rise is occurring despite the lack of any political agreement between the two superpowers on trade. Last January Moscow abrogated a trade-expansion treaty that would have lowered American tariffs on Soviet goods and made Soviet buyers of U.S. products eligible for long-term credits from the Export-Import Bank. Reason: Congress attached an amendment, promoted by Democratic Presidential Hopeful Henry ("Scoop") Jackson, that required the U.S.S.R. to allow freer emigration of minorities, especially Jews. At the time, the Soviets grumbled that they would get along without U.S. imports rather than allow such interference in their internal affairs...