Word: bartering
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...Barter supposedly is a primitive form of commercial exchange that became outmoded centuries ago with the appearance of money. But in the U.S., barter is suddenly coming back strong. Beset by shortages of many basic raw materials and finished goods, purchasing agents for the most modern corporations are turning into sultans of swap: they obtain scarce products that their companies need by offering goods that are in equally short supply...
...practice that corporate officials do not like to talk about, for an understandable reason. Often a barterer will keep regular customers waiting for deliveries of his product while he exchanges that product for some scarce material that he needs-and he would rather not have the regular customers find out that he is doing so. So no hard figures are available on how widespread bartering has become. Purchasing World, a trade magazine, guesses that 48% of all U.S. companies big enough to employ purchasing agents indulge in some form of barter...
Whereas Brezhnev sought barter deals and longterm, low-cost loans, Ceauşescu encouraged West German firms to develop joint ventures with Rumania, in return for 49% of the equity...
...term credits. In the past twelve months, the West Germans have delivered or contracted to deliver equipment for Russia's coal, chemical, natural gas, steel, truck, electronics and toolmaking industries. Since 1970. West German banks have provided about $800 million in credit so that the Soviet Union could barter natural gas from Siberia for steel pipes from Mannesmann and Thyssen. Brezhnev wants to make more such deals...
...very goods that will be produced by using that technology. Occidental Petroleum Chairman Armand Hammer put together just such a pay-for-itself scheme, and last week Occidental and Kremlin trade officials reached general agreement on the largest U.S.-Soviet trade deal ever contemplated−a multi-billion-dollar barter arrangement involving chemicals and fertilizer...