UN General Assembly
1974

36. In the economic sphere also we are learning at this time how sensitive is the equilibrium that has hitherto existed among different groups of nations in the world the United States, the countries of Western Europe and other industrialized countries, the State-trading countries, the oil-producing countries, the producers of other raw materials and those countries which are not endowed with natural resources. For the past 12 months the world economic system has been reverberating with the shock-effects of a sudden readjustment in the terms of trade between the oil-producing countries and the rest of the world, and to a lesser extent between other raw material producers and the rest of the world.