Word: airbuses
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LONDON: What kind of hijackers bring their families along and never even threaten violence? A group of Iraqis who took over an Airbus 310 in Khartoum on Monday and just wanted a ride to London so they could defect. After several hours of negotiations at London's Stanstad Airport which brought the Red Cross, the United Nations Commission on Refugees, and the Iraqi Community Association of London into the loop, the hijackers, pleading for political asylum, gave themselves up without harming any of the 199 people aboard. "It was such a low-key hijacking, it hasn't gotten people terribly...
...Aviation Industry of China announced it was granting a contract worth an estimated $2 billion to a Europe-Singapore consortium to build 100-seat jetliners. And in April, during a visit to Paris, Prime Minister Li Peng also snubbed Boeing by approving a deal to buy 33 French-built Airbus planes. It was a not so subtle message to the U.S. to back off its criticism of China's trade and human-rights policies...
...instance of a successful champion which has benefited from government subsidies, he happily cites Airbus Industries. That choice would be hilarious, if it were not quite so bizarre: most Europeans are hardly bursting with pride over the alleged success of Airbus. It is the classic case of the "infant industry" that refuses to grow up, constantly sucking in subsidies which have promoted gross inefficiency and stifled innovation...
More importantly, Airbus is not unique. Just ask any of the harassed managers at Credit Lyonnais or Air France. Pundits, eager to promote government intervention, would do well to remember that one of the most important economic lessons from the post-War era is that, except in textbooks, government failure is more wide-ranging and much more damaging in economic terms than market failure...
While such a policy would do little to endear us to our trading partners, these nations already use such practices against American companies. For example, heavy European subsidies of Airbus have allowed that company to gain a hefty market share in an imperfectly competitive industry once totally dominated by American firms. A U.S. retaliation in the form of subsidies for Boeing would counteract such gains and even drive the nations that subsidize Airbus to the bargaining table, where an agreement eliminating subsidies could be worked out. This would benefit both sides in comparison to a policy where both sides subsidize...