Word: accords
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Dates: during 1980-1989
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When the U.S. and Japan signed an accord on semiconductors last summer, it appeared to be one of the best trade pacts ever extracted from the Japanese. Japan agreed to stop dumping chips in the U.S. and third-country markets at prices that were below production costs. It also promised foreign chipmakers increased access to semiconductor sales in Japan, an important market from which the Americans had been largely shut...
Although most of the professors retired on their own accord, none would have done so without continued access to their offices and Harvard facilities...
Most professors, with the exception of Cox, say that they do not miss teaching at all. They retired on their own accord to pursue other interests and make use of the free time that would otherwise have been spent on faculty duties...
...combination of U.S. stock-market success and currency-exchange strains showed how complex the international economic climate had become in the past 16 months. In September 1985 the so-called Plaza Accord on exchange rates was hammered out between Treasury Secretary James Baker, architect of the agreement, and the finance ministers of Japan, West Germany, France and Britain. It provided for a gradual and orderly decline in the value of the dollar, which had reached a peak in February 1985. Before last week, the dollar had dropped 28.7% against other major currencies...
...experience since the Plaza Accord, however, indicates that the trade problem is much thornier than that. One of the most immediate effects of a dollar decline should be a decrease in foreign travel by Americans -- but there the U.S. suffered a $5.2 billion deficit last year. Apparently, the rising cost of staying in Paris or Rome has been offset by cheaper air fares, among other things. Moreover, even while the international purchasing power of the dollar has declined since the Plaza Accord, the price of imported goods in the U.S. has often failed to rise by an equivalent amount...