Word: cartelized
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Dates: during 1950-1959
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...industrialists asked for subsidies to help them make the transition from the French to the German market. Growled Erhard: "We jumped into the cold water in 1948, and look how we learned to swim. You'll learn even more quickly." He has waged long and bitter war on cartels. Germany is the fatherland of the cartel, and before World War II, an estimated 2,000 cartel agreements were in force in the Reich. Blocked by old-line businessmen in his first attempt to outlaw cartels in 1950, Erhard tried again, finally got a bill drawn up this year...
From all points of the compass and most segments of the political and economic spectrum gathered an international Who's Who of high finance and high office. Through the Fairmont Hotel's marble-pillared lobby trooped old-line cartel capitalists and socialist bureaucrats, Japanese financial shoguns and silk-clad Burmese magnates. From London came financiers whose firms had bankrolled the Industrial Revolution; from Berlin, the brisk businessmen who have built Europe's sturdiest economy from the rubble of war. Fiat's Managing Director Vittorio Valleta flew in from Turin, the A.F.L.-C.I.O.'s George Meany...
...which he attributed not to miracles but "a series of fortuitous events" including the Marshall Plan and the currency reform instituted by the Allied occupation. He praised policies of the German government which encouraged private investment and a free competetive market system by wise tax laws and an anti-cartel policy...
That was the end of Farben as such. But it was the beginning of an amazing recovery by the free-enterprising successors to the cartel, which has resulted in bigger sales than their prewar parent ever had. In the postwar German boom, Farben's vigorous successor companies have won back far more of their immense prewar business and prestige than the most optimistic German had hoped for. Sales of the three biggest companies last year topped $1.09 billion, just over Farben's prewar total; and they are rising at the rate of 12% a year (but are still...
...pressing for his law. Last week, while Bonn sweltered under heat so intense that firemen were obliged to water the Bundestag roof to prevent it from dripping tar, the 60-year-old Economics Minister finally won the day. The law he got-which provided for a number of permissible cartels including "crisis" cartels and retail-price-fixing rings-was less than he had hoped for. Nonetheless, said Erhard, "with all its deficiencies, this is still the most modern cartel bill in the world." If Erhard was guilty of hopeful exaggeration, the fact remains that West Germany alone among European nations...