Petrodollar recycling pressured the Global South to accept uniform rules.

Evidence

The victories ­were tepid ones. The exclusion of agriculture from GATT meant that the primary exports of many Global South countries still had to compete against U.S. and Eu­ro­pean subsidies and protectionism. Yet the advocates of GATT reform saw concessions to the demands for mixed development as the indefensible core of decay in the rules-­based global economy. ­After the resolution of the oil crisis led to a vast new sea of petrodollars to be recycled through Wall Street and the City of London to lenders in the Global South, the uniformity of conditions globally became all the more pressing. — Quinn Slobodian, Globalists, 797

Categorization

• XREF: Links petrodollar recycling after 1973 oil crisis to the push for uniform global economic rules — resonates with David Harvey and Gowan on US financial power projection. — connects to: Dollar-denominated debt is bankrupting the Global South during the Great Inflation — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 626; OPEC’s 1973 embargo inspired the Global South’s New International Economic Order. — Jessica Whyte, The Morals of the Market: Human Rights…, 413

Broader Connections

• Dollar-denominated debt is bankrupting the Global South during the Great Inflation #complicates (0.82) — Yanis Varoufakis, Technofeudalism, 626
• OPEC’s 1973 embargo inspired the Global South’s New International Economic Order. #complicates (0.80) — Jessica Whyte, The Morals of the Market, 413