Arab petrodollars: dashed hope for a new economic order
The North-South debate is currently quiescent, partly because Arab oil producers have failed to provide long-term support for Third World concerns. The author examines why the oil producers have abandoned the call for a New International Economic Order, and concludes that the key to understanding this missed opportunity is in the manner in which the oil-producing countries, particularly the Arab OPEC nations, deployed their income during the years of abundance. The Arab governments adopted a pattern of expenditure and investment that was clearly opposed to the interests and welfare of their own people for a variety of social and political reasons. An important fact, which precluded cooperation among Third World countries, was the integrated nature of Arab financial capital within world capitalism.
- OSTI ID:
- 5541585
- Journal Information:
- World Policy J.; (United States), Vol. 4:3
- Country of Publication:
- United States
- Language:
- English
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29 ENERGY PLANNING
POLICY AND ECONOMY
DEVELOPING COUNTRIES
FINANCIAL ASSISTANCE
OAPEC
ECONOMIC POLICY
INCOME DISTRIBUTION
INVESTMENT
POLITICAL ASPECTS
SOCIO-ECONOMIC FACTORS
FINANCIAL INCENTIVES
FINANCING
GOVERNMENT POLICIES
INSTITUTIONAL FACTORS
INTERNATIONAL ORGANIZATIONS
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020700* - Petroleum- Economics
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290200 - Energy Planning & Policy- Economics & Sociology