The Agreement
The Agreement was enacted in 1934 between the United Kingdom, India, the Netherlands, France and Thailand to restrict the rubber supply in accordance with the decline of rubber prices to maintain rubber prices and profitability of rubber producing firms. The agreement both prevented establishment of new rubber plantations and placed production restrictions on existing plantations. The agreement in effect formed a cartel of rubber producing nations that neglected the needs of rubber consuming nations, most notably the United States and Japan.
Read more about this topic: International Rubber Regulation Agreement
Famous quotes containing the word agreement:
“Since the French Revolution Englishmen are all intermeasurable one by another, certainly a happy state of agreement to which I for one do not agree.”
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“That which corrodes the souls of the persecuted is the monstrous inner agreement with the prevailing prejudice against them.”
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