1. Iran Contra Affair
... Although Iran had not relied on oil revenues prior to 1951, Mossadegh's development budget anticipated this income. With its absence, it severely hurt efforts to help the economy and start social reforms. Attempts to secure foreign financial assistance were unsuccessful because most countries and international institutions feared offending Britain. The crisis also discouraged private investments inside Iran. Mossadegh, like many other ... tried to mediate a compromise and by 1952, it had persuaded Britain to accept the principle of oil nationalization. However, the diplomatic efforts fa...
- Word Count: 3516
- Approx Pages: 14
- Grade Level: Undergraduate