1887

OPEC-type arrangements

The type of international guaranteed price arrangements discussed in the preceding section depends on the willingness of the importing, industrialized countries to take deliberate action to turn the terms of trade against themselves. Developing countries may well prefer to rely on forms of action which are under their own control, and the example of the Organization of Petroleum Exporting Countries (OPEC) in raising the price of a primary product by unilateral, co-operative action has undoubtedly been observed with great interest.

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