Word: brittan
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Dates: during 1980-1989
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...basic commodities are forming or are effectively in place. These are propping up prices, fueling inflation, restricting trade and limiting growth. This does not do Western capitalism's image much good, or help the credibility of Western governments that sometimes quietly encourage the formation of such cartels. Says Brittan: "What kind of picture do we present to the Soviet Union when we preach about competition while at the same time our great industries are unable to stand up to the impact of the import of sandals from Korea...
...doubt among board members that France's new policies will have an impact on European economic thinking. This might be another example of what Tumlir saw as the political habit, exhibited in everything from trade policy to exchange rates, of using "a substitution of incantation for analysis." Brittan, though, perceived a benefit for Brit ish Conservatives. Said he: "What happens in France will make a great deal of difference in the development of British politics during the next few years. I think we must record a vote of thanks to the French for giving us three years of experimenting...
Only a "nasty recession," said Brittan, will bring the reduction in inflation to the 5.5% that Reagan wants by 1984. There was also a feeling that Reagan's policies of high interest rates could cause...
Many American economists now predict a reduction in inflation to around 8% by year's end, and growth in real terms of a modest 2.3%. Said Brittan: "A lot of the relative optimism depends on a quirk in your Consumer Price Index, which can show substantial short-term fluctuations with little change in the underlying rate of inflation." The annual core inflation rate in the U.S., which is closely linked to wage rates, is now about...
With the end of the recession just starting to appear on the horizon, Western Europeans will have to begin thinking about the long-range policies that will give them a solid foundation for future economic growth. It will take strong politicians and firm economic policies to do that. Brittan borrowed a line from Shakespeare's Henry V to sum up Europe's economic mission: "He which hath no stomach to this fight, let him depart...