At the 1973 Algiers meeting of the Non-Aligned Movement (NAM), Algeria's President Houari Boumediène stressed the 'vital need for the producing countries to operate the levers of price control'. The success of the 1973 oil embargo by the Organisation of Arab Petroleum Exporting Countries (OPEC) had bolstered confidence that similar collective action on the part of producers of raw materials could alter the terms of trade and transform an international economic system that was perpetuating exploitation, racial discrimination and the impoverishment of the Third World. … The following year, 1974, the UN General Assembly passed the 'Declaration on the Establishment of a New International Economic Order', which proclaimed the 'right of all States, territories and peoples under foreign occupation, alien and colonial domination or apartheid to restitution and full compensation for the exploitation and depletion' of their natural resources by colonial powers.

Jessica Whyte, The Morals of the Market, loc. 413