Word: backward
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Dates: during 1940-1949
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After thinking over President Truman's Point Four program for backward nations, New York Stock Exchange President Emil Schram spotted a big flaw in the idea. Point Four would wrap a protective government guarantee around private funds invested outside the U.S. What irked Schram was that there was no program for improving "the shabby treatment of capital at home...
...years in the presidency, Harry S. Truman, onetime Field Artillery captain, had twice reviewed units of both the Navy and the Air Force. But the Army, he jokingly concluded, remained "rather timid, and remembering that I was a battery commander, has always felt a little backward about asking me to look at a review ..." Finally he picked up his telephone and told Secretary of the Army Gordon Gray that he wanted to watch the ground forces do their stuff...
President Truman's Point Four program for developing backward nations has been discussed at high policy levels for months. But it was not till last week that two congressional committees brought the talk down to earth. From spokesmen for U.S. business, which was expected to supply the know-how and capital for the program, the committees got some plain talk on what was needed to make the program work...
...committee was impressed when Secretary of Agriculture Charles Brannan marched in with an armful of facts & figures on how well a program of industrialization with U.S. techniques and capital had been working in Latin America. Brannan brushed away the possibility that industrialization of backward nations would only build up competition for U.S. goods. "Only the developed areas," said he, "are good customers. [Developed] countries making up only 11% of the world's population are providing us with more than half of our market...
Back home, meanwhile, enterprising traders made the most of the incident -and furnished economically backward Yemen a perfect illustration of the law of supply & demand. While the shooting was still going on, tireless scavengers on both sides of the embattled border had diligently collected the bullets from the bullet-riddled countryside; on the local market, the price of lead was down...