Amuzegar, Jahangir
April 1976
Foreign Affairs;Apr1976, Vol. 54 Issue 3, p547
This article discusses the conflict and subsequent compromise between poor developing nations in the Southern Hemisphere and rich industrial countries in the North. The North-South struggle, had its first climactic manifestation in the 1971-1972 negotiations between the Organization of Petroleum Exporting Countries (OPEC) and the multinational oil companies for a higher crude oil price. The dawn of a new relationship between OPEC and the West has been accompanied by a relentless war of words over the future supply of energy and raw materials, and the very survival of mankind. The Third World's demand for the establishment of a new international economic order to put an end to this untenable relationship has been given particular impetus by the intensity and frequency of economic crises in the early 1970s. The Seventh United Nations Special Session on Development and International Economic Cooperation in September 1975, served as a turning point in the North-South Conflict. The realism shown by both the Third World and the West in their negotiations during this session resulted in perhaps one of the most productive resolutions by the United Nations. Despite the convergence of such fortuitous forces in favor of the Third World, the implementation of a new international economic order still requires much greater political goodwill, accommodatory spirit, and determination to reach delicate and difficult compromises.


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