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Published online by Cambridge University Press: 06 September 2018
If it was nothing else the U.N. Special Session on Raw Materials and development, which stirred the East River enclave to an unwonted pitch of springtime activity last April, was a display of Third World solidarity. In spite of the massive balance-of-payments crisis threatening many of the less developed nations — a result of the sudden steep rise in the price of oil plus sharp increases in the prices of food and fertilizer — the atmosphere in the public forums reflected near euphoria because of the oil-producing (OPEC) nations' dramatic success in gaining control of their own natural resources.