Word: summiteers
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Dates: during 1970-1979
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...delegates get down to negotiations in Tokyo's Geihinkan, an elaborate Oriental replica of Versailles, the first question for the seven summit leaders is what to do about the world's most effective cartel, the Organization of Petroleum Exporting Countries. OPEC representatives will meet in Geneva two days before the Tokyo assembly begins, and they will almost certainly approve yet another hike in the posted price for crude, which now averages $17 per bbl. Some Administration officials have been arguing for a tough line against OPEC, and believe that the U.S. should even use economic clout...
...Japan, while campaigning for the presidency in 1975 for instance. Solemn ceremonies and other red carpet activities-including an audience with Emperor Hirohito and an inspection of Western defenses in South Korea-should help reinforce relations with two of Washington's most valued Pacific allies. The Tokyo economic summit, however-the fifth such meeting of leaders of the largest industrial democracies*-is shaping up as a complex political obstacle course that is sure to magnify Carter's No. 1 current problem: energy...
...summit, to be sure, has a full agenda of other, leftover economic topics. But with the West German and Japanese domestic economies now pulling their weight, the old problem of economic growth and recovery has become less urgent. The dollar is riding higher these days, so monetary questions will also be secondary, even if, as one U.S. official warned, "there is almost certain to be turbulence in the money markets later this year." And with the industrial economies themselves newly threatened by the energy crunch, there is bound to be little enthusiasm for fresh initiatives toward the developing countries...
...purchasing front. If forceful joint action can be decided in all three areas, some slack could be reintroduced into the world oil market and some sanity returned to its pricing. In Paris last week, "Sherpas"-the foot-slogging diplomats and economists who have been preparing the climb to the summit for four months-were still poring over a number of possible actions. Among them...
...interfere with market forces. Their theory is that ultimately only higher oil prices will force consumers to economize and encourage other forms of energy. Says Tokyo Economist Nobutane Kiuchi: "It may take another recession before the leaders learn this fact." Significantly enough, the three newest members of the summit club -Britain's Margaret Thatcher, Canada's Joe Clark and Japan's Masayoshi Ohira -are fiscal conservatives who tend to oppose government intervention...