Word: businessman
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Dates: during 1950-1959
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...President of Haiti from 1950 until he was forced out of office last month, Paul Eugene Magloire was able to spare enough time from his official duties to become a spectacularly successful businessman as well. With Magloire in Jamaican exile (TIME, Dec. 24), Haitians last week were learning for the first time the full extent of his success. Estimates of the take ran from $12 million to figures higher than the country's 1956-57 budget of $28 million. Last week Joseph Nemours Pierre-Louis, Magloire's temporary successor, slapped all Magloire's assets into trusteeship...
...combine the graces of a patrician upbringing with shrewd common sense. Once he ordered his name expunged from the New York Social Register because he considered it "a travesty of democracy . . . with absurd notions as to who is and who isn't socially acceptable." When a Florida businessman tried to drive a hard real-estate bargain by whining that he had started life with a pushcart, Jock Whitney urbanely sent back word that Jock Whitney "may not have started off with a pushcart, but . . . he hasn't any intention of ending up with one, either...
...best, companies will get back only what it cost them to build a plant, not what it may cost to replace in years later. In times of relatively stable costs, such a system causes no hardships, but with costs constantly rising, a businessman will be lucky if he gets back 50% of his replacement costs. In 1940, for example, it cost the steel industry $100 to add a ton of steel to its productive capacity; now the cost...
Critics Silenced. Yet the biggest news of 1956 was not the consumer's spending; it was the splurge of the U.S. businessman. After pouring a record $28 billion into plant expansion in 1955, business boosted the kitty another 25% in 1956, wound up spending $35 billion for new plants and facilities plus another $9 billion for new office buildings, furnishings, etc. In so doing, U.S. industry passed a major milestone. For the first time since the big arms buildup of Korea, peacetime capital outlays passed military spending, despite an arms budget of $36 billion...
...Every businessman could tick off the chief reason for expansion-a population that was growing at the rate of 11,000 births every 24 hours, 1,000,000 new families formed every year, an expected population of 190 million by 1965. Most important, while the population grew 25% since 1939, consumer spending has almost tripled. The average household spent $2,000 annually in 1939. In 1956 it spent $5,500, and it will increase the total to $6,500 by 1965. Thus, in Florida, Florida Power & Light Co. laid down what it thought was a grandiose expansion program...