Other mostly underdeveloped countries have at joined (and sometimes quit) OPEC. OPEC acts as an oil cartel, trying to fix prices by controlling output, primarily through production quotas.
Myint, Hla. 1958. "The 'Classical Theory' of International Trade and the Underdeveloped Countries," Economic Journal 68, (June), pp. 317-337. See vent for surplus.
Developing countries - The lower-income countries of the world, most of which are in Africa, Asia, and Latin America. Also called underdeveloped countries, less developed countries (LDC).
Basel Convention - An international treaty concerned with restricting the movement of hazardous wastes between countries, especially from developed to underdeveloped countries.
And still farther afield, on the periphery of global economic networks, are the underdeveloped countries where locals earn very low incomes.
For this reason, the biophysical theory does not consider as equal the exchanges which take place between industrialized and underdeveloped countries, since these ones sell raw materials whose nature’ ...
 See also: Developed countries, Population, Values, Saving, Dumping
  
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