VII. The Contemporary Period, 1945–2000 > A. General and Comparative Dimensions > 2. International Relations > b. New Global Relationships > 1974
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  The Encyclopedia of World History.  2001.
 
 
1974
 
ARAB-ISRAELI CONFLICT continued to be an important international issue. With the aid of the “shuttle diplomacy” of U.S. secretary of state Henry Kissinger, Egypt and Israel signed a disengagement agreement for the Suez Canal zone (Jan.), and Syria and Israel signed a disengagement agreement for the Golan Heights (May). The Palestine Liberation Organization was recognized by the UN as the representative of the Palestinian people (Oct.) and granted observer status (Nov.).  1
WORLDWIDE ENERGY CRISIS began with the Middle East conflict. OPEC did not reduce prices. A conference of 13 oil-consuming states in Washington (Feb.) agreed that the countries would cooperate in dealing with the energy crisis. In March, seven major oil-exporting countries agreed to lift the oil embargo on the United States.  2
International monetary adjustments. International financial instability continued with the devaluation of the yen and franc (Jan.). The final meeting (June) of the IMF Committee of Twenty was able to adopt only interim rules, because of global inflation and balance-of-payments problems.  3
 
Feb
 
Islamic summit conference in Lahore was attended by representatives from 38 Islamic countries.  4
 
May
 
India exploded a nuclear device, making it the world's sixth atomic power. Portuguese Revolution overthrew the government, opening the way for democratization in Portugal and the independence of its colonies. Guinea-Bissau became independent in Sept.  5
 
June
 
THIRD UN LAW OF THE SEA CONFERENCE convened in Caracas, with delegates and observers from 148 countries attending.  6
 
Sept
 
Haile Selassie was overthrown in the ETHIOPIAN REVOLUTION. The radical regime that ultimately came to power transformed Ethiopia from an ally of the United States into an ally of the Soviet Union.  7
 
 
 
The Encyclopedia of World History, Sixth edition. Peter N. Stearns, general editor. Copyright © 2001 by Houghton Mifflin Company. Maps by Mary Reilly, copyright © 2001 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved.

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