TRADE: Backlash at the Boycott

As the financial power of the Arab oil states has grown, so has their muscle in world trade. But in using their new strength, some Arab governments have been pursuing a policy that is deeply inimical to the legal and "social principles of the industrial democracies. Financial and political capitals were shocked by the revelations last month that Arab bankers in Libya and Kuwait had threatened to pull their money out of major international bond issues unless certain U.S. and European banking houses with Jewish ties were barred from participation. Now the economic issues raised by such tactics are...

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