Word: centralize
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Dates: during 1950-1959
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Next morning, as if following the returns, the U.S. Army ordered the number of troops cut from 500 to 225 in Little Rock. For the last two weeks, the nine Negro children have been attending Central High School unescorted...
...Stalin. Where Stalin, because of his absolute command of the secret police, was able to rule through terror, Khrushchev still depends on the support of the Communist Party. To retain his power, Khrushchev must still cultivate the good opinion of a majority of the members of the Central Committee. Even more important, Russia today is not the prewar Russia of Stalin. No longer a peasant nation, the U.S.S.R. now has 6,000,000 citizens with advanced or specialized education. The unwashed, untaught proletarians of a generation ago are the sophisticated technicians and scientists who have built ballistic and nuclear weapons...
...high wages, more leisure for workers, local rather than foreign development of national resources -all adding up to what economists call "the revolution of expectations." But expectations outran means; relatively backward economies could not supply the standards of fully developed states. Strained for the means, nations turned to their central banks, forced them into credit expansion by printing money...
Bolivia's President Siles once went on a hunger strike to fend off pressures to break his austerity pledge. Said he: "I will never sign a decree assisting inflation." Instead, he forced through a law prohibiting issuance of new currency by the Central Bank. Today, Bolivia seems on the way to sound money...
Tough Medicine. To tighten money, Finance Minister Ichimada asked Japan's central bank to 1) hike its rediscount rate from 7.3% to 8.4%, 2) tighten up reserves of commercial banks to make loans harder to get, and 3) raise deposit requirements on import licenses from 5% to 35% of the shipment's total value, thus immediately tying up an estimated $40 million worth of importers' funds. As a result, imports dropped an average $25 million monthly, were actually slightly behind currency-earning exports for the month of October. Moreover, inflation at home lost some of its steam...