A map shows world oil resources and consumption.
Image Long Description

This map shows world oil reserves and consumption by country.

Analyze Data

Which nations contain both major oil reserves and are major oil consumers?

In 1973, OPEC limited oil exports and raised prices, creating shortages and setting off a global recession. Since then, whenever oil prices have risen sharply, people have faced economic uncertainties. In 2008, oil prices shot up, partly because the growing economies in China, India, and elsewhere led to increased demand. A year later, as the global economic crisis slowed demand, prices fell. This sudden, rapid change in oil prices has led to renewed calls to develop alternative energy sources. Still, the world has remained largely dependent on oil.

Debt and the Developing World

Developing nations borrowed heavily in order to modernize. In the 1980s, bank interest rates rose as the world economy slowed. As demand for their goods fell, poor nations could not repay their debts or even interest on their loans. Their economies stalled as they spent much of their export incomes on payments to foreign creditors.

The debt crisis hurt rich nations, too. Banks were stuck with billions of dollars of bad debts. To ease the crisis, lenders made agreements with debtor nations to lower interest rates or allow more time to repay their loans. Some debts were canceled. In return, debtor nations had to accept market reforms to help improve their economies. Debt has remained a major issue throughout the developing world.

Global Organizations and Trade Agreements

Many international organizations and treaties connect people and nations around the world. These organizations have various goals, such as supporting development, settling economic issues, and promoting free trade.

International Organizations

The United Nations is the world's largest international organization. Its membership has grown from 50 nations in 1945 to 193 today. The UN grew rapidly as nations won independence from colonial rule. It expanded again after the former Soviet republics joined.

As the UN expanded, its global role grew. The UN and its many agencies have provided economic and humanitarian aid to developing nations. It has sent peacekeepers to dozens of trouble spots, including Cambodia, Congo, and the Balkans. The UN deals with social development, human rights, and international law.

End ofPage 883

Table of Contents

World History Topic 1 Origins of Civilization (Prehistory–300 B.C.) Topic 2 The Ancient Middle East and Egypt (3200 B.C.–500 B.C.) Topic 3 Ancient India and China (2600 B.C.–A.D. 550) Topic 4 The Americas (Prehistory–A.D. 1570) Topic 5 Ancient Greece (1750 B.C.–133 B.C.) Topic 6 Ancient Rome and the Origins of Christianity (509 B.C.-A.D. 476) Topic 7 Medieval Christian Europe (330–1450) Topic 8 The Muslim World and Africa (730 B.C.-A.D. 1500) Topic 9 Civilizations of Asia (500–1650) Topic 10 The Renaissance and Reformation (1300–1650) Topic 11 New Global Connections (1415–1796) Topic 12 Absolutism and Revolution Topic 13 The Industrial Revolution Topic 14 Nationalism and the Spread of Democracy (1790–1914) Topic 15 The Age of Imperialism (1800–1914) Topic 16 World War I and the Russian Revolution (1914–1924) Topic 17 The World Between the Wars (1910–1939) Topic 18 World War II (1930–1945) Topic 19 The Cold War Era (1945–1991) Topic 20 New Nations Emerge (1945–Present) Topic 21 The World Today (1980-Present) United States Constitution Primary Sources 21st Century Skills Atlas Glossary Index Acknowledgments