OPEC’s 1973 embargo inspired the Global South’s New International Economic Order.
Evidence
At the 1973 Algiers meeting of the Non-Aligned Movement (NAM), Algeria’s President Houari Boumediène stressed the ‘vital need for the producing countries to operate the levers of price control’. The success of the 1973 oil embargo by the Organisation of Arab Petroleum Exporting Countries (OPEC) had bolstered confidence that similar collective action on the part of producers of raw materials could alter the terms of trade and transform an international economic system that was perpetuating exploitation, racial discrimination and the impoverishment of the Third World. … The following year, 1974, the UN General Assembly passed the ‘Declaration on the Establishment of a New International Economic Order’, which proclaimed the ‘right of all States, territories and peoples under foreign occupation, alien and colonial domination or apartheid to restitution and full compensation for the exploitation and depletion’ of their natural resources by colonial powers. — Jessica Whyte, The Morals of the Market, 413
Categorization
- ADDENDUM: Relates to ‘On Sacrifice: The Real Kind, with Corpses’ only loosely, but more directly supports the reader’s need to anchor the human-rights-vs-economic-order debate in concrete historical events.
- XREF: connects to: Petrodollar recycling pressured the Global South to accept uniform rules. — Quinn Slobodian, Globalists: The End of Empire and the…, 797; Dollar-denominated debt is bankrupting the Global South during the Great Inflation — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 626; Neoliberal intellectuals coordinated an attack against the New International Economic Order. — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making…, 163 (+3 more)
Broader Connections
- The 1973 oil embargo, not old theory, triggered the NIEO’s emergence
#corroborates(0.98) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1743 - The 1970s human rights movement actively undermined the New International Economic Order
#responds-to(0.75) — Jessica Whyte, The Morals of the Market, 427 - Unequal North-South exchange has drained trillions from the Global South
#complicates(0.72) — Andrew deWaard, Derivative Media, 61