Yet others pointed out that the changes that had occurred between the Sixth Special Session in spring 1974 and the Seventh Special Session in fall 1975 improved the bargaining position of the developed countries at the expense of the G-77. While the former meeting had taken place “in the final moments of a historic commodity boom and in the height of the resource scarcity ‘scare,’ the Seventh Special Session occurred after many commodity prices had dropped precipitously and after the effects of world inflation, recession, and higher oil prices in the less-developed states had become well-documented” (Gwin 1977, 107).

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1747