The success of OPEC inspired other commodity-producing countries to think about establishing _______ to increase the prices of coffee, tin, rubber, and other exports from developing states.

Question

Quizplus · Accepted Answer

The success of OPEC (Organization of the Petroleum Exporting Countries) in controlling oil prices and ensuring member countries benefited from oil exports inspired other commodity-producing countries to consider forming cartels. A cartel is an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition, similar to what OPEC does with oil.

The Success of OPEC Inspired Other Commodity-Producing Countries to Think