Introduction

Third World countries were also hopeful that a new type of partnership –different from traditional relationships between donors and recipients of aid –would develop between themselves and Organization of the Petroleum Exporting Countries (OPEC). In sum, OPEC’s responsibilities towards the Third World derived not just from injury caused or expectations aroused, but also from a sense of shared interests and of solidarity with it –proclaimed or real. In turn, the new financial resources provided OPEC members with the means to embark simultaneously on rapid economic development and military build-up. OPEC countries also began to provide considerable sums of money in foreign aid and created a whole range of new national, regional and international development institutions. In addition, trade and other economic relations were expanded between OPEC members and a number of developing countries, resulting –for example –in a higher level of mobility for capital and labour. The chapter also presents an overview of the key concepts discussed in this book.