ABSTRACT
Since the economic shocks of 1973-4, the situation seems to have changed a great deal. Non-oil producing Idcs still face very grave problems; many poor nations have become poorer, and it has become clear that the OPEC-conjured idea of 'commodity power' is an illusion as far as most commodities are concerned. Developed countries have, to a very great extent, been able to adjust to new levels of oil prices, in the short term; and the initial recession following the OPEC action may have been overcome. The recession itself depressed the prices of many commodities from the high levels of 1974, and stocks of many minerals in particular are now high. However, the prospect of another 'boom' in Western countries creates many uncertainties in commodity questions and some analysts feel that the next upsurge in prices which Western demand may cause may go even higher than before; particularly when demand in rapidly industrialising developing countries is taken into account. This would once again shift the balance of world economic power towards commodity exporting countries.
