Throughout the seventies, the world price of rubber was depressed, putting pressure on the Liberian economy.
Tolbert brought a new approach to the Liberian government's relations with foreign companies.
Companies such as Firestone, which had operated for years without being audited by the government, were audited, and forced to pay millions of dollars in back taxes.
Old concession agreements were renegotiated, and new concession agreements were negotiated with an emphasis on accountability of the private sector to the Liberian government.

In May 1975, Liberia became a signatory to the treaty that established the Economic Community of West African States (ECOWAS) in order to create a common market in West Africa and promote regional economic integration and stability in 15 West African countries, with the intention that it would mirror the success of the European Common Market (now the EU).

By the late 1970s, Tolbert became increasingly open to overtures of economic assistance from Libya and Cuba.
The Libyans were on the verge of starting work on a low-cost housing project in Monrovia when the project was halted by the 1980 coup d'état.
Throughout the seventies, the world price of rubber was depressed, putting pressure on the Liberian economy. Tolbert brought a new approach to the Liberian government's relations with foreign companies. Companies such as Firestone, which had operated for years without being audited by the government, were audited, and forced to pay millions of dollars in back taxes. Old concession agreements were renegotiated, and new concession agreements were negotiated with an emphasis on accountability of the private sector to the Liberian government.
In May 1975, Liberia became a signatory to the treaty that established the Economic Community of West African States (ECOWAS) in order to create a common market in West Africa and promote regional economic integration and stability in 15 West African countries, with the intention that it would mirror the success of the European Common Market (now the EU).
By the late 1970s, Tolbert became increasingly open to overtures of economic assistance from Libya and Cuba. The Libyans were on the verge of starting work on a low-cost housing project in Monrovia when the project was halted by the 1980 coup d'état.
William Tolbert