History
During the late 1970s and early 1980s, states such as Saudi Arabia, Kuwait and Qatar amassed large surpluses of petrodollars which they could not invest in their own countries. This was due to small populations or being at early stages of industrialization. These petrodollar surpluses can be defined as net US dollars earned by those nations which were in excess of the internal development needs of those nations.
Read more about this topic: Petrodollar Recycling
Famous quotes containing the word history:
“The greatest horrors in the history of mankind are not due to the ambition of the Napoleons or the vengeance of the Agamemnons, but to the doctrinaire philosophers. The theories of the sentimentalist Rousseau inspired the integrity of the passionless Robespierre. The cold-blooded calculations of Karl Marx led to the judicial and business-like operations of the Cheka.”
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