Word: bergsten
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Dates: during 1970-1979
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...experts agree. "I believe the slow growth theory is very dangerous," says Manfred Wegener, the chief European Community forecaster. "It could too easily become a self-fulfilling prophecy." Assistant Secretary of the Treasury C. Fred Bergsten is optimistic. Says he: "I'm not sure you can't get back to higher rates of growth. Everyone is running well below historic rates of capacity...
...spot in his Administration. One of his first acts was to dispatch Vice President Walter Mondale to discuss economic issues with U.S. allies. He has also surrounded himself with economic advisers noted for international expertise (Treasury Secretary Michael Blumenthal, Under Secretary of State Richard Cooper, Assistant Treasury Secretary Fred Bergsten). As further evidence of his commitment to international economic cooperation, Carter last week announced that his first presidential trip abroad will be to attend a seven-nation* economic summit scheduled for May 7-8 in London...
...crawl, and the quiet optimism of the Puerto Rico meeting has given way to a galloping case of global jitters. Although inflation remains high (9.7% in Japan, 14.7% in Britain), the big worry among economists and politicians now is the possibility of a new global recession. Says C. Fred Bergsten, one of President-elect Jimmy Carter's experts on international economics: "The chances of aborting the world recovery are fairly high unless we get some thoughtful policies here and abroad...
...What Bergsten and many other economists would like to see is a synchronized effort by the U.S., West Germany and Japan to speed up their economies by adopting such expansionary policies as tax cuts and higher government spending. These three kingpin economies could then buy more from other countries and, in Bergsten's words, "help the weaker industrial nations achieve export-led growth." The chances of this happening are problematic...
Some wondered whether the road to restoring trust lay in emphasizing leadership-or in deemphasizing it. Economist C. Fred Bergsten, 35, a senior fellow at the Brookings Institution, suggested that people may want "a stalemate system, not leadership. Is this because they are so turned off by current leaders that they are afraid to have anybody have too much control over their lives...