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:
“No cause is left but the most ancient of all, the one, in fact, that from the beginning of our history has determined the very existence of politics, the cause of freedom versus tyranny.”
—Hannah Arendt (1906–1975)
“History ... is, indeed, little more than the register of the crimes, follies, and misfortunes of mankind.
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“Spain is an overflow of sombreness ... a strong and threatening tide of history meets you at the frontier.”
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