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Organization of Petroleum Exporting Countries (FO, Q4)<br />The major world oil producers' forum established by the Baghdad Conference of 1960, on the initiative of Venezuela. It has aimed to restore oil prices to their pre-September 1960 levels, to keep oil companies' prices stable and to oblige countries not to agree to increase production if another country failed to reach an agreement with an oil company. The five founder members - Iraq, Iran, Kuwait, Saudi Arabia and Venezuela - were joined by Qatar in 1961, Libya and Indonesia in 1962, Abu Dhabi in 1967, Algeria in 1969, Nigeria in 1971, Ecuador in 1973 and Gabon in 1975. Its affairs were conducted in six-monthly regular and further extraordinary meetings. Following years of turbulent negotiations with oil companies that failed to raise the incomes of the oil countries as much as they desired, the six Gulf oil producers in October 1973 unilaterally increased their oil price by 70 per cent and cut production by 5 per cent; in December 1973, there was a further price increase of 13 per cent. OPEC was able to agree on common prices and quotas until dual pricing was introduced in 1976. Thus frustration with the oil companies made OPEC assume the role of price fixing. However, the 1981 price increase was too great: Saudi Arabia dissented from the subsequent cut, leading to a price war and the weakening of the joint power of OPEC.<br /><em>See also:</em> oil-price increases <br /><em>Reference</em><br />Ghanem, S. (1986) OPEC: The Rise and Fall of an Exclusive Club, London: KPL
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paper money (E4)<br />BANKNOTES generally acceptable in payment of a debt. Originally this paper derived its status from being convertible into gold or silver because of their intrinsic value. Since 1931, banknotes have usually been inconvertible so paper money can act as a MEDIUM oF EXCHANGE because of the financially sound character of the banking system issuing it. The status of paper money is recognized by making it 'LEGALTENDER'.<br /><em>See also:</em> Banking School; gold standard; Thornton
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capitalization (Gl)<br />The conversion of an interest payment or a liquid asset into permanent capitaL A company can capitalize its cash reserves by the issue of shares (a free, BONUS or scRIP ISSUE). A debtor, even a nation, can capitalize interest payments by adding them to the original sum borrowed.<br /><em>See also:</em> securitization
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