Australian Left Review

Article Title

Multinationals and the Crisis


Fortune magazine (May 1975) in its yearly review of the 500 top U.S. Corporations said: “Oil, inflation and recession, had – not surprisingly - a lot to do with the record turned in by the 500 largest industrials in 1974. The combination of enormously higher prices and only slightly lower consumptions gave a fantastic lift to the sales, profits and rankings of the oil companies.” Median profits for oil rose 39.6 per cent for the year.