Word: transfers
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Dates: during 1970-1979
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...Swiftest Transfer of Money in History...
...from a barrel of oil, less than $1 at the start of the decade, was lifted from $1.99 before the Arab-Israeli war 15 months ago to $3.44 at the end of 1973 to more than $10 at the end of 1974. The result is the greatest and swiftest transfer of wealth in all history: the 13 OPEC countries earned $112 billion from the rest of the world last year. Because they could not begin to spend it all, they ran up a payments surplus of $60 billion. This sudden shift of money shook the whole fragile structure...
...beneficiaries of this transfer were a disparate group of oil-possessing Africans, Asians, Latin Americans and, most favored of all, Arabs, who provided two-thirds of the petroleum exports and have more than three-fifths of the proven petroleum reserves in the non-Communist world. One bleak, sparsely populated country is by far the world's greatest seller and reservoir of oil, and one dour, ascetic and shrewd man is its undisputed ruler...
...OPEC would charge the world an other $600 billion in the next five years. To pay the bill, the 137 nations outside the cartel would have to deliver one-quarter of their total exports to OPEC's elite 13 countries. It would be impossible for the oil importers to transfer so much of their production?or for OPEC nations to absorb it all. The most frightening figure for the future is that OPEC nations stand to accumulate payments surpluses of $250 billion to $325 billion by 1980, and the rest of the world would run up exactly that much...
...order is the ultimate goal of the petrocrats. Their aim is to lead many of the Third World nations in an economic revolution that is already bringing a radical redistribution of the world's wealth and political power. The transfer of riches to the oil producers has helped slow or stop the rise of living standards in many other countries?a development that has potentially grave social consequences. The steep economic growth that the industrial nations have enjoyed since World War II tended to soften social and economic inequalities because even the poor and deprived made visible progress year...