Word: britain
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Dates: during 1950-1959
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...gross national product 100% (to $212 billion) in ten years, turn out 250 million tons of coal (17% of the world total), some 65 million tons of steel (20% of the total), 1,500,000 tons of copper, zinc and lead (16% of world total). Across the English Channel, Britain's economy this year alone grew some 8% to $68.8 billion...
...result of its economic strength, many a European nation felt confident enough to lower some of its trade barriers and chop away red tape. The Common Market (West Germany, France, Italy, The Netherlands, Belgium and Luxembourg) in its first year was such a resounding success that Britain, Portugal, Switzerland, Austria, Norway, Sweden and Denmark formed their own Outer Seven trading area to enjoy the benefits of mass markets and freer trade. Said a Common Market official in Brussels: "At the start, the politicians were for European unity, and the businessmen were very skeptical. But now it is the businessmen...
...more liberal attitude toward the U.S. specifically was overdue. U.S. imports are still restricted by quotas and high tariffs; e.g., Britain's tariffs and purchase taxes are so high that only 200 U.S. cars were imported last year. But the climate is changing. Says Common Market President Walter Hallstein: "We do not forget that the U.S. tolerated discrimination against its trade as a way of helping European recovery. Now that Europe has recovered, we certainly are not going to discriminate against...
...fast that Britain's Institute of Directors lists 25,000 members; a decade ago there were only 400. Also spreading is the U.S. style of low-markup, high-volume operation. Germany's Mail-Order Magnate Joseph Neckerman has grown into a sort of Teutonic Sears, Roebuck in fewer than ten years. He sells a list of 5,500 items through 22 mail-order stores, 48 special-appliance stores, and by undercutting the competition as much as 25%, tots up sales of $125 million annually. Says Neckerman, expounding a U.S. philosophy: "The consumer is king...
...sweep away the prejudices against middle-sized and big entrepreneurs. Says France's Economic Planner Jacques Rueff: "I want to open the windows and let in some air." Even the bankers are loosening up: medium-term credits for business are on the rise, consumer credit is climbing fast. Britain removed its credit restrictions in late 1958 and watched consumer debt jump 50% in 1959; France had no credit to speak of ten years ago, now counts more than $400 million. Another symbol of the changing approach to banking: Belgium's Bank of Brussels installed a drive-in window...