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:
“The doctrine of those who have denied that certainty could be attained at all, has some agreement with my way of proceeding at the first setting out; but they end in being infinitely separated and opposed. For the holders of that doctrine assert simply that nothing can be known; I also assert that not much can be known in nature by the way which is now in use. But then they go on to destroy the authority of the senses and understanding; whereas I proceed to devise helps for the same.”
—Francis Bacon (1560–1626)
“No one can doubt, that the convention for the distinction of property, and for the stability of possession, is of all circumstances the most necessary to the establishment of human society, and that after the agreement for the fixing and observing of this rule, there remains little or nothing to be done towards settling a perfect harmony and concord.”
—David Hume (1711–1776)