July 1974

July 1974
52, 4

Essays

Essay
Chalmers M. Roberts

When the scandal that now goes by the generic term Watergate first broke two years ago as what the White House called "a third-rate burglary," those who live in the world of foreign affairs put it aside as part of the American political scene that did not concern them. No more. For more than a year now it has been a prime topic of diplomatic conversation and of ambassadorial cables flowing out of Washington to the principal world capitals, if not to those further down the list in global importance. What is today more and more at issue is whether, and if so to what degree, Watergate affects both the substance and conduct of U.S. foreign policy and whether, and if so to what degree, other nations may have altered, or plan to alter, their postures toward and dealings with Washington.

Essay
Walter J. Levy

Rarely, if ever, in postwar history has the world been confronted with problems as serious as those caused by recent changes in the supply and price conditions of the world oil trade. To put these changes into proper perspective, they must be evaluated not only in economic and financial terms but also in the framework of their political and strategic implications.

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