Word: businessmen
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Dates: during 1950-1959
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...factories have never had enough raw materials, were not sensibly geared to national needs, and were too expensive to run. Exports have fallen ominously behind imports, capital has fled to safe foreign banks, and since the government is too short of cash to buy raw materials, businessmen regularly resort to the black market. Last week, becoming a full-fledged member of the Organization for European Economic Cooperation, Spain vowed to change all that...
...time, a little confusion was inevitable, but the Franco regime has a special talent for it. Though the whole world knew about the devaluation of the new peseta, the government forgot to inform its own foreign-exchange institute, which tells the banks what to do. Furthermore, many prominent businessmen and politicians, including the Minister of Industry himself, have gone on record as opposed to the program, and while the government austerity drive against monopolies sounds fine on the surface, it excludes those that really count-the monopolies owned by the government itself...
...moderate upswings showed up among those who believe it is a good time to buy major household appliances and new cars, undertake large home improvements. The survey pointed out that some part of the public must be getting used to prices once considered "too high," but it warned businessmen that the economy still lacks-and could use-the positive stimulus of prices that most people view as "reasonable...
With an ear to such warnings, businessmen have begun to pay more heed to spreading the dividends of increased production and cost-cutting automation. Last week Goodyear Tire & Rubber announced an "anti-inflation" cut of 5% to 15% in prices of replacement tires. Norge reduced its washer and dryer tags as much as 10%. The Federal Communications Commission chimed in, ordered a reluctant American Telephone & Telegraph Co. to reduce long-distance telephone rates (for calls of more than 300 miles) by $50 million. In heavy industry-where cuts trickle down eventually to the consumer-General Electric lopped...
When it started its highly touted trade offensive short months ago, Peking lured Western businessmen with offers of $7 violins. $23 sewing machines, $14 bicycles, promised to deliver nails, newsprint and electric motors at prices far below Japanese goods. But haste to gather foreign exchange to cover a huge trade deficit with Russia-and to do what it could to damage non-Communist competitors-led Red China to overstep itself. Its rickety economy suffered from primitive production methods, an overburdened transportation system, and an anarchic planning system that put untrained workers on industrial machines and knowledgeable technicians in mines...