Politics students Donatas Bimba Tomas Dubinskas Justas Gaubys Vilnius‚ 2012 Major Crises since 1929 • • • • • • The Great Depression 1973 Oil Crisis The Japanese Asset Price Bubble in 1990s 1997-1998: Asian Financial Crisis Global Financial Crisis European Debt Crisis The Great Depression Causes of crisis • • • • • Rapid growth before crisis. 1929 October until 1932 June (S&P) decreased around 85%. Unemployment. Consumption and industrial trades declining. Widespread bank failures
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Ecuador (1973) – suspended (1992- 2007) Angola (2007) and Gabon (1975–1994) Having Headquarters in Vienna Austria Since Sep1‚ 1965. World proven reserves for India country (million barrels) 2007 2008 2009 2010 2011 % change11/10 Crude oil 5‚459 5‚459 5‚800 5‚820 9‚043 55.4 OPEC’s importance OPEC member countries control 81% of the world reserve of crude oil‚ hence as a collective organisation they set the price of crude oil on the world markets. There has been a quantum leap in oil demand world
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resources usage 6 C. Inflation and economic crisis 7 D. Petroleum Price Speculation 8 E. Government Regulation 8 ii. The Chronology Analysis of Petroleum Price 9 A. Oil Prices in 1869-1967 9 B. Middle East Supply Interruptions 10 C. OPEC Fails to Control Crude Oil Prices 10 D. Prices of oil between 1980-1986 11 E. Oil prices in early of 1990’s 11 F. Oil prices in 2000’s 11 iii. The Depth Analysis on Petroleum Price During Recession Period 12 A. 1973 GLOBAL RECESSION 13 B. 1979 GLOBAL RECESSION
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In this paper‚ I am going to discuss how the oil cartel known as OPEC (Organization of Petroleum Exporting Countries) impacted the United States economy in the 1970 ’s‚ how the effects of this are still felt today‚ and how their power should continue to influence our thinking where foreign policy and energy policy are concerned. First I will explain what OPEC is‚ its history and how this concerns every citizen in the United States. Then I will discuss how leaders of the past dealt with
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2000-2001 Fuel prices began to rise because the supply of oil was not meeting the ever-increasing demand for fuel. The Organization of Petroleum Exporting Countries (OPEC)‚ a group of nations that determines what the guidelines for world fuel exports should be‚ lowered the production quotas in 1999‚ even though the demand for oil was rising around the world ((Facts.com‚ 2005). During this time‚ in the United States‚ the demand for oil was increasing due to the strong economy. Asia’s economy was
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The Search for Order in an Era of Limits‚ 1973-1980 “Alongside cultural dislocation and political alienation‚ the country confronted a series of distressing economic setbacks in the 1970s and early 1980s.” Pg. 919 For much of the 1970s‚ Americans struggled with economic problems‚ including inflation‚ energy shortages‚ income stagnation‚ and deindustrialization. These challenges highlighted the limits of postwar prosperity and forced Americans to consider lowering their economic expectations.
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(1969) •Nigeria (1971) •Ecuador (1973) – suspended membership 1992-2007 •Angola (2007) •Gabon (1975–1994) Objectives of Opec • OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries in order to secure fair and stable prices for petroleum producers; an efficient‚ economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. • OPEC was formed at a time when the international oil market was largely dominated
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fuel economy. Natural resources‚ such as oil is a crucial part in the American economy for over 6 decades. Its impact has greatly influenced the job market. Through the oil industry‚
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Ryan Bass 3/31/13 Micro Do Minimum Wage Laws Really Help? Minimum wage laws were first implemented in the United States in the early 1900’s and since then‚ economists have all agreed that they play a large role in our economy. They were first implemented to put an end to the sweat shops in America‚ however things have changed dramatically since then. The minimum wage is an important topic to consider and understand because "minimum wage workers" account for 1.7 million Americans. In the past
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Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) suspended its membership from December 1992- October 2007; Angola (2007) and Gabon (1975-1994). Until 1965‚ OPEC had its headquarters in Geneva‚ Switzerland‚ which was then shifted to Vienna‚ Austria. More than three-quarters of the world’s proven oil reserves are located in OPEC Member Countries‚ with the bulk of OPEC oil reserves in the Middle East‚ amounting to 72 per cent of the OPEC total. The objective
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