Chapter 14 Summary and Analysis

John had to be knowledgeable of current economic and political trends. During the 1960's, OPEC formed, which is a cartel of oil producing nations. OPEC was created in order to prevent a cap on oil prices. In the 1970's, OPEC started an oil embargo that seriously hurt the industrial giants. Unemployment soared, the international monetary system suffered and the fixed exchange rates collapsed. OPEC were the "little guys" taking a stand against the developed world. John knew, however, that industry, with the help of EHM's and the corporatocracy, would never let the little guys win. What he didn't know was that the "stranglehold of global empire was growing stronger...with OPEC's help."

The New Deal's polices were to promote economic regulation, government financial manipulation and extensive application of fiscal policy, which created organizations like the IMF, GATT, and the World Bank...