Welcome to Bookmarker!

This is a personal project by @dellsystem. I built this to help me retain information from the books I'm reading.

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If the public cartels and the strategy of asset nationalization did not always benefit the tropical working class, it should be said that the strategy also did not benefit those countries that did not have access to the higher-priced primary products. When OPEC maintained its price for oil, the darker nations without oil had a much higher import bill for the one energy source that had become indispensable for contemporary capitalism. While the radical members of OPEC, such as Libya in the early 1970s, did call for differential prices for the various nations of the world, OPEC's strictly economic vision precluded any such political arrangement. The only time OPEC openly indulged in a political battle was over the defense of Palestine, but even here Arab unity could not be counted on In general, commodity cartels did not always help the Third World and hurt the advanced industrial states: the latter often dominate the production of certain primary goods, such as agricultural commodities grown on factory farms by megacorporations, whereas the former often produce manufactured goods. High oil prices hurt the Third World states that have no domestic oil reserves, just as any cartel would only help those that have the commodity protected by it and not the others. Whereas the cartel approach certainly emboldened states, it did not have a general political strategy to build power in the totality of the Third World.

—p.187 Caracas (176) by Vijay Prashad 6 years ago