Word: barter
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Dates: during 1950-1959
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Unlike the U.S., the Iron Curtain countries almost never make outright grants of money; instead, they specialize in barter deals and in loans payable at a modest 2½% to 3% over periods ranging up to 30 years. They have avoided demanding any overt political pledge, are ostensibly content to establish economic beachheads in country and government while demonstrating their respectability. The results, as observed by TIME correspondents around the world...
EGYPT. The $250 million barter deal that the Soviets negotiated with Nasser in September 1955 has cost Egypt dearly. What Egypt got was Czech arms-many of which were captured by the Israelis-plus such items as crude oil of such a high sulphur content that it damaged Egypt's refineries, and newsprint so coarse that it tore up Cairo's high-speed Western presses. In return. Nasser gave the Soviets a long-term mortgage on Egypt's cotton crop, the nation's No. 1 source of income. The Soviets started off by reselling Egypt...
...years' fighting, and recently stepped-up campaigns have resulted in mass surrender of rebels. Citizens may now travel, safe from guerrilla raids, in all but the most mountainous parts of the country. Strapped for foreign exchange as a result of a slump in rice exports and now-regretted barter deals with Communist countries, Burma has lately made some gains with its economic expansion program, though it still suffers direly from severe inflation (a 200% increase in the cost of living since...
Indonesia's new ruling triumvirate had other problems. In Sumatra, Borneo and the Celebes, anti-Sukarno army colonels have long been conducting their own barter trade direct with foreign countries. The military commanders have been levying their own taxes, building their own roads and schools for nearly two years. In Singapore the colonels dealt through a foreign trade mission they had appointed themselves, over the head of the central government in Djakarta...
...lead and zinc states as Idaho and Utah operated at top capacity, and the U.S. encouraged foreign producers by buying every ton they could deliver. Prices and production fluttered after the war. In 1953 the market sagged, but was quickly buoyed up by a U.S. grain-for-metals barter program and stockpiling. But this year, with enough lead and zinc stored up to last an estimated three years, the U.S. eased off on stockpiling. Prices tumbled from 16? to 13½? a Ib. for lead, from 13½? t010? a Ib. for zinc. Marginal mines in the U.S. began closing...