Word: barter
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Dates: during 1940-1949
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...peace." In Manhattan last week, Assistant Secretary of State for Economic Affairs William L. Clayton pointed out that the U.S. and Britain were pledged to get their allies to shelve the economic nationalisms that existed between the wars-excessive tariffs, quotas, embargoes, preferences, subsidies, licenses, exchange controls, clearing agreements, barter deals. But Will Clayton failed to say that the U.S.-British declaration of last December is as far as ever from implementation. In December Clayton had said that the 16 "nuclear nations" who do the great bulk of the world's trade would meet this spring to cut tariffs...
SCAP (Supreme Commander of the Allied powers in the Pacific) announced that Japanese trade would be on a noncompetitive barter basis. Maximum volume during 1946 is fixed at only about 25% of prewar levels, roughly $800,000,000 in imports and exports. The Potsdam standards which apply to Germany would apply also to Japan. Thus exports will be permitted only to get foreign exchange to buy essential imports to: 1) prevent disease and unrest; 2) carry out the objectives of occupation; 3) establish a minimum Japanese economy...
...sheer desperation, the Administration plans to go to Congress soon, dump the problem squarely in its lap, request the right to barter surplus goods abroad for new embassy sites, landing rights for civil aviation (which the U.S. has got free by reciprocal agreements) and scholarships in foreign universities for U.S. students...
...result: money in world trade ceased to be a free medium of many-sided exchange. It was becoming a device for recording strictly controlled, two-way barter deals. World War II plunged even the U.S. into almost complete import & export control...
...trade agreement, which read like a barter arrangement between two isolated towns in the Dark Ages, chiefly provided that France should export some iron to Belgium in return for small quantities of Belgian coke...