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:
“That which corrodes the souls of the persecuted is the monstrous inner agreement with the prevailing prejudice against them.”
—Eric Hoffer (1902–1983)
“The methodological advice to interpret in a way that optimizes agreement should not be conceived as resting on a charitable assumption about human intelligence that might turn out to be false. If we cannot find a way to interpret the utterances and other behaviour of a creature as revealing a set of beliefs largely consistent and true by our standards, we have no reason to count that creature as rational, as having beliefs, or as saying anything.”
—Donald Davidson (b. 1917)