Word: global
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Dates: during 1970-1979
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Stoessinger could have added the names of Khomeini, Gaddafi, Khalid, Schmidt, Giscard, Ohira, Brezhnev, Lopez Portillo, Torrijos, Thatcher-all humans magnified mightily by the television lens, transposed into looming actors on a global stage...
...ministers called it quits. An exhausted Yamani pledged to hold Saudi prices firm at $24 per bbl., but he was well aware that the survival of the cartel was now in question. Said he, trying to put the best face on his defeat: "There will definitely be a [global] recession. We will notice a sharp drop in the spot market. Then there will be some sort of unification of price levels among OPEC members...
Their growth prospects evaporated largely because many industries became increasingly outmoded and continued to lose their edge in global competition. America was living off its accumulated capital stock, a consequence of its people's unwillingness or inability to save and invest. While the U.S. spent scarcely 10% of its national income on new factories, mines, tools and transportation systems, its allies and competitors the West Germans and the Japanese were investing 15% and 16.2%, respectively, of their incomes in such capital goods. One result: U.S. productivity, which had risen an average 3% a year in the 1960s, declined...
...ranging, 219-page annual report on 96 countries, offering little cause for optimism. The report's major findings: the torture of political prisoners is nearly universal, the sinister practice by some governments of "disappearing" political opponents (arresting them clandestinely) is on the rise, and there has been a global increase in political murders...
...result of OPEC's policies, worldwide inflation has been sent soaring to ever increasing heights. Meanwhile, global economic growth has stalled and the international financial system itself has been thrown into turmoil. In 1980, oil-importing nations expect to hit what economic jargoneers have labeled a "synchronized recession." Now no one can be sure how high the cartel will push oil prices beyond their present official maximum of $23.50 per bbl., but demand for petroleum makes a substantial increase certain. Single shipments of crude are being sold on the spot market for as much...