By Richard J Barnet
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Additional info for The Lean Years: Politics in the Age of Scarcity (Abacus Books)
Sample text
Germany and France were building a European Monetary System to extricate themselves from dependence upon the dollar. " As Arnold E. Safer, a vice president of the Irving Trust Company, warned: ... chronic international payments deficits can set off a vicious devaluation-inflation cycle, which in tum brings about high unemployment or increased protectionism-key symptoms of the failure of the economic adjustment process. Lest the ~eriousness of this problem be too lightly dismissed. it is important to remember that most economic historians feel that the failure of the international economic and financial system was a principal element in the Great Depression of the 1930's.
57 Oil: The Politics of Transition technology of fluidized bed combustion. the social. environmental. and economic costs of increasing coal production were seriously underestimated. Thus. coal production in 1976 was below 1973 levels. although it is expected to rise in the 1980s as a result of the increased investment of the last few years. European energy plans also call for increased use of l . - natural gas, but this will not decrease the dependence of the Continent on I imports. Most of it is slated to come from Iran, Algeria.
Uruguay, Peru, Bolivia, and Mexico expropriated oil fields and set up national companies. Venezuela began demanding a greater share of revenues. S. and Britain, in fighting Hitler and the Japanese, small countries were able to modify the rules of the game in small steps. By the end of the war the international climate had changed. State companies for controlling and exploiting resources were appearing in all sorts of places, not only in the expanded socialist world but in some of the newly independent Third World nations.