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.
Trade Disputes
Posted inGovernment & Politics

Kleptocracy: Definition, Features, Types, Pros & Cons

Kleptocracy is a form of government which is characterized by the systematic and institutionalized theft of public funds and goods by its elites. In a kleptocracy government, rulers and like-minded elites engage in robbery in a normalized way. To such an extent that there is an institutionalization of corruption. In democracies, theoretically, the income and money obtained after government tax collection is reinvested in the form of public services.
Independence of Colombia
Posted inHistory Studies

Colombian Declaration of Independence (1810) – History, Causes & Consequences

Independence of Colombia is called the political and military process that allowed the Viceroyalty of New Granada to be separated from the Spanish Empire. This process began on July 20, 1810, when the Creoles of Bogotá formed a government junta that displaced the Spanish viceroy from power. It ended in 1822, after Simón Bolívar defeated the royalists and formed Gran Colombia, which integrated Nueva Granada, Venezuela and Ecuador into a single state.