ABSTRACT
The 1970s was a period marked by significant changes in the American, European, and Japanese positions in the global trade regime. In addition to the growing parity between the United States and the EC on trade issues, and the move towards more collective developed country leadership with the formation of the G7, a third change during the 1973 to 1979 period was the major challenge the developing countries posed to the pyramidal structure of the global trade regime. This chapter discusses the formation and early activities of the G7, the continuing role of the OECD in the areas of export credit and government procurement, and the role of developing countries during the 1973 to 1979 period. The United States was concerned that the growing competition for exports would lead to an export credit war, and it therefore rather abruptly altered its policies and assumed a leadership position in seeking an agreement on export finance.
