The victories ­were tepid ones. The exclusion of agriculture from GATT meant that the primary exports of many Global South countries still had to compete against U.S. and Eu­ro­pean subsidies and protectionism. Yet the advocates of GATT reform saw concessions to the demands for mixed development as the indefensible core of decay in the rules-­based global economy. ­After the resolution of the oil crisis led to a vast new sea of petrodollars to be recycled through Wall Street and the City of London to lenders in the Global South, the uniformity of conditions globally became all the more pressing.

Quinn Slobodian, Globalists, loc. 797