The End of a Development Model

The 1960s and early 70s is a time of massive protagonyism of the labor movement in industrial countries from the United States to Western Europe. It was a time where, you know, legislation changed in favor of workers, but also wages. And this wave of strikes and of massive wage increases led to an enormous boost in consumption. Including of oil, exactly at the time where it seemed to be more difficult to increase production. So these three, if you will, historical phenomenon, which, you could define as the end of a development model, are what led to pressures to increase low prices.