Organization of Petroleum Exporting Countries (OPEC)
Posted inEconomics

Organization of Petroleum Exporting Countries (OPEC)

OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula. In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.
Traditional Economic: Definition, Features, Pros & Cons
Posted inEconomics

Traditional Economic: Definition, Features, Pros & Cons

Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.