<Li> They must be free to set up associations of primary commodities producers similar to the Organization of the Petroleum Exporting Countries, created on September 17, 1960 to protest pressure by major oil companies (mostly owned by U.S., British, and Dutch nationals) to reduce oil prices and payments to producers); all other states must recognize this right and refrain from taking economic, military, or political measures calculated to restrict it . </Li> <Li> International trade should be based on the need to ensure stable, equitable, and remunerative prices for raw materials, generalized non-reciprocal and non-discriminatory tariff preferences, as well as transfer of technology to developing countries; and should provide economic and technical assistance without any strings attached . </Li> <P> The UNCTAD however wasn't very effective in implementing this New International Economic Order (NIEO), and social and economic inequalities between industrialized countries and the Third World kept on growing throughout the 1960s until the 21st century . The 1973 oil crisis which followed the Yom Kippur War (October 1973) was triggered by the OPEC which decided an embargo against the US and Western countries, causing a fourfold increase in the price of oil, which lasted five months, starting on October 17, 1973, and ending on March 18, 1974 . OPEC nations then agreed, on January 7, 1975, to raise crude oil prices by 10% . At that time, OPEC nations--including many who had recently nationalised their oil industries--joined the call for a New International Economic Order to be initiated by coalitions of primary producers . Concluding the First OPEC Summit in Algiers they called for stable and just commodity prices, an international food and agriculture program, technology transfer from North to South, and the democratization of the economic system . But industrialized countries quickly began to look for substitutes to OPEC petroleum, with the oil companies investing the majority of their research capital in the US and European countries or others, politically sure countries . The OPEC lost more and more influence on the world prices of oil . </P> <P> The second oil crisis occurred in the wake of the 1979 Iranian Revolution . Then, the 1982 Latin American debt crisis exploded in Mexico first, then Argentina and Brazil, which proved unable to pay back their debts, jeopardizing the existence of the international economic system . </P>

Which country did the united states grant independence to after world war 2